It didn't take long for Wall Street to hear word from the Federal Reserve's meeting in Jackson Hole, Wyoming. And major indexes all dropped multiple percentage points by end of day.

"Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance," said Fed chair Jerome Powell Friday morning. "Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain."

"Powell telegraphed that the September rate hike could be in the 75-basis point range, and that the Fed will continue tightening until they are convinced the price stability is in range," said Quincy Krosby, chief global strategist at LPL Financial, in a statement.