Traders Rushed To Hedge As Crash Ushered In A Whole New World

The outcome distribution for markets expanded meaningfully over the past several sessions. Maybe you noticed. Just three trading days into August and the month had already lived up to its nefarious reputation. Monday was a veritable train wreck, starting in Asia and spilling into everywhere and everything, as the fallout from the yen surge / carry unwind and the Sahm trigger / US recession scare roiled assets the world over. At one juncture, vol-of-vol in the US hit 192, a level witnessed onl