Macro Volatility Digest

Macro volatility declined last week following the Fed meeting, even as Powell injected more uncertainty into the December meeting. Both rates and FX volatility fell to a 1-year low following the FOMC, while gold volatility continued to normalize. In contrast, equity and credit volatilities increased wk/wk, with the VIX® index gaining 1.0 pt despite the market rally as SPX® fixed-strike vols increased (aka "spot up, vol up"). Learn more in this week’s Macro Volatility Digest.