Start with just a simple graph of the feds fund rate, https://fred.stlouisfed.org/series/FEDFUNDS https://fred.stlouisfed.org/series/FEDFUNDS. Rates were going

Start with just a simple graph of the feds fund rate, https://fred.stlouisfed.org/series/FEDFUNDS https://fred.stlouisfed.org/series/FEDFUNDS. Rates were going up before then, but it's right about Sept/Oct when they reached a level that was a ~15 year high. Rates weren't the only factor (and, of course, the increase in rates was caused by the inflation that was a result of both supply shocks and the government paying people a lot of money to do nothing), but I think they were the prime factor as to why it felt like things switched on a dime so quickly, because it was the forcing function that essentially caused all projects that could no longer compete with 5% t-bills to immediately get killed.