VIX Crashes To 12 Handle - Term Structure Steepest Since Dec 2014

VIX crashed out of the gate this morning, plunging to 12.50 lows - the lowest since August 2015 (right before the market crashed).


The front-end of the 'greed' index has collapsed, driving the term-structure of 'fear' to its steepest since Dec 2014 as we suppose everyone and their pet rabbit is confident that The ECB will do something and The Fed won't.


What happened next?