What Explains The Low VIX/MOVE Ratio?

The tale of falling corporate interest payments in an environment of sharply higher rates is by now familiar. Indeed, I mention it every week, and in many cases multiple times per week. Rates have increased exponentially, but thanks in no small part to a debt binge in 2020 and 2021 when rates were at 5,000-year lows, many corporates are insulated from higher borrowing costs. There are multiple angles to this story, and one I hadn't considered until Tuesday was the link to a simple ratio often