One Bank Flags ‘The Cheapest S&P Puts You’ve Ever Seen’

How complacent are US equities? The most complacent ever, or at least according to one measure of hedging costs. I spent a good deal of time this week lamenting the drowsy summer lull that's manifesting in "crazy"-low realized vol. Suffice to say the melt-up on Wall Street has turned into a somewhat sleepy affair, despite periodic "spot up, vol up" cameos and other manifestations of "crash-up" dynamics. Relatedly, demand for downside hedges is subdued, a state of affairs which looks "spooky" w