Calm With A Chance Of Fireworks

Time and again over the past several months, I've revisited the post-SVB vol crunch. This discussion can be as technical (or not) as it needs to be depending on the audience, but from a big picture perspective, there were three main factors in play. First, the steps taken by Janet Yellen and Jerome Powell in March to prevent the regional banking scare from becoming a systemic problem were seen by the market as evidence that rate hikes or not, the vaunted "policy put" was still there. Second, t