"Unhinged Market": BofA Derivatives Desk Spots Something Never Before Seen In ChatGPT Era

The always grounded (and cynical) BofA derivatives desk is out with another whopper of a note titled "Markets unhinging is a feature not a bug" (available here for pro subs) in which desk head Benjamin Bowler observes that vol and uncertainty remain ever present in markets and continue to rise across micro and macro markets; in this case exemplified by the wild gyrations in response to last week's catalyst heavy calendar. 

On the macro side, the BofA derivatives desk notes that all six Mag7 stocks that reported earnings realized event moves far greater than implied by vol markets, which as BofA shows in the chart below, was "a first in the ChatGPT era."