Pre Fed fear

Bond volatility is "lagging"

Despite the US 10 year printing new recent highs, bond vol, MOVE index, has not touched new recent highs. Don't forget, MOVE is already elevated and volatility is mean reverting seen over longer time periods. Yields and MOVE have moved in tandem ever since yields bottomed out in 2020, but there is a level where volatility doesn't "participate"...unless all hell breaks loose.