When Policy Turns Counterproductive

The Fed forecast ignites a risk-off episode and a look at fiscal and monetary policy post-election

Equity Index Volatility Spikes

Three weeks ago in our May 22 note titled Schumpeter’s Gale, we noted that our measures of equity market risk had normalized to a point conducive to short-term pullbacks. Our measures, the volatility index (VIX), the volatility of volatility (VVIX), term structure of VIX futures, skew and implied correlation, had not fully …