Volatility has plunged to its yearly low—don’t mistake that for “safe.”

Realized volatility was about 1.2% on the 28th, with shrinking volume and a range-bound grind. The Fed meeting on 10/28 and the midterm elections on 11/3 are still ahead—this is compression, not confirmation of good news.

Calm ≠ risk-free. Market shifts often emerge from this kind of false calm.

Do you think we’ll keep grinding, or will volatility expand as soon as the event hits? Got a counterexample? Throw it in.

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#宏观 #Volatility