The VIX has broken below 20 just before 10:30 in morning trading on what appears to be convincing volume. Though China and yesterday's FOMC statement have been taking their toll on treasuries, the volatility correction seems to be most apparent in the correction going on between the Russell 2000 and the S&P 500.
Note how the Russell's differential strength versus the S&P skyrocketed, forecasting the VIX drop. The market seems to accept now that the FOMC statement did not change its stance on the relative securities of large and small caps over the last month, and is thus correcting accordingly. As of 11 o'clock, the Russell ETF is trading at over twice the return of the S&P 500 ETF, with IWM up over 3% and SPY up near 1.25%.