Market's risky calm
Complacent?
BofA deriv team: "With SPX 4550 and VIX 13 at the time of writing, US equities & equity vol appear to be (once again) going all-in on the soft-landing consensus. As noted in our macro outlook, however, it’s dangerous to be overly convicted in any thesis, as few have experienced today’s elevated macro uncertainty in their lifetimes."
Need cheap hedges?
The 1 month rolling 3% out of the money put goes for 34 basis points, lowest level over the past 5 years. The problem is that most don't buy protection when they can, but they chase it when they must (more here).