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."

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