The Volatility index (VIX) is 35% nearer to the levels seen during the COVID-19 pandemic, when it peaked at 85% and closed at 53%. Current is high is 60% and its close is 53%, seen normally as a risk indicator of a financial contagion/pandemic and/or credit risk, now hedging for a global trade war. The Fed dare not frantically start cutting rates in lieu of its major indicator, the stock market, when U.S. is at full employment

 

Above chart shows the VIX spike in similarity to the 2008.  credit crisis.  A US/global trade war and trade war with China could see the VIX spike to 80%