A Fragile Equilibrium Meets Key Data As Traders Await Fed

Fed officials will be in their pre-meeting communications moratorium this week, which is just as well. Markets have settled into an uneasy calm and there's no obvious case for policymakers to upend it. There's still palpable angst about... well, about everything, really, and the glaring disconnect between a "too low" VIX and vol of vol+, along with still elevated cash allocations, suggest traders aren't as complacent as you might be inclined to believe. At the same time, the sense of panic that