What do you fear?
Pre Fed fear "paradox"
Not truly a paradox, but bond volatility, MOVE index, is trading close to highs, at very elevated levels. At the same time the (equity) skew index has collapsed and is trading at the lowest levels in "forever". SKEW is not the "real fear" index people refer it to, but it shows that investors simply refuse paying up for downside protection in relative volatility terms.