R2000 sector relative performance during the current decline argues the pull-back is mainly due to higher rates and not concern over growth. The R2000 is -8.0% off its 8/14 high prompting the question, is this the start of a larger correction or more of a garden-variety 5-10% pull-back. Through Friday (9/25) sector relative performance argues it looks more like a growth-led market taking a breather with cyclicals and rate-sensitive defensives bearing the brunt of the decline.