Rate vol - the canary?

MOVE remains stressed, and the volatility of the MOVE index itself is huge. Jeff's Zervos sums it up well: "Looking through the lens of the rate vol market, we are in a GFC-style crisis, while risk-assets suggest something like banal summer doldrums". Chart showing the SPX vs MOVE (inv). Which one do you trust, and can this difference in risk perception continue?