Potential For "Conflicted" Messaging From The Fed Is High, Nomura Warns

Vol keeps resetting lower into this Spot Equities Index rally (VIX at levels which would be a fresh "post COVID closing low")...

...and as is so often then the case, a “virtuous feedback loop” ensues: the persistent absolute wreckage in realized Vol allows for mechanical "VaR-up", as Exposures are bought back and price-momentum / trend re-builds to the Upside...