‘Sell Prem, Live The Dream’: Vol-Selling Has Never Been More Reliable

It's virtually never been more reliably profitable to sell vol. I've been over this and over it since April, but it really is becoming an anomalous state of affairs. The macro factors behind subdued vol included the perception that the emergency response to March's mini-banking sector crisis was tantamount to a "policy put," the peaceful resolution of the debt ceiling standoff in D.C., the benign dynamics behind Treasury's cash rebuild (i.e., RRP decline mitigating reserve drain) and evidence