Nomura: The 'Murder' Of US Equity Vol Continues, Until...

While the week ahead is set to deliver an armada of event-risk, the most notable market theme continues to be the "murder of US Equities Index Options Skew / Put Skew and ATM Vol" in the face of this risk.

• QRA arrives (Initial QRA borrowing est at 3pm today, then the actual Announcement Wed 830am);

• concentrated Mag7 EPS (GOOGL, MSFT, AMZN, META, AAPL);

• FOMC meeting;

• and JOLTS / ADP / ISM / NFP / AHE

So, the question is, given the avalanche of US equity "vol supply", what could finally go wrong?