Fab update has broken c++ projects

Summary

A few hours ago there was an automatic update to fab and now all of my c++ projects get this error when trying to compile. Even just a brand new blank c++ project I created as a test from the launcher fails.

Expecting to find a type to be declared in a module rules named ‘FabToolset’ in ‘UE5Rules, Version=0.0.0.0, Culture=neutral, PublicKeyToken=null’. This type must derive from the ‘ModuleRules’ type defined by UnrealBuildTool.

What Type of Bug are you experiencing?

Foundation (C++ Tools, Profiling, & Pipeline)

Steps to Reproduce

Create a new c++ project in the launcher and let it compile.

Expected Result

Should compile without error.

Observed Result

Get the error message shown.

Affects Versions

5.8

Platform(s)

Windows