My apologies, now that I look at your chart I see that I failed to read mine properly in as much as there are 2 scales on the chart one on the RH side for the TYX and the other on the left for FVX. Therefore the yield curve was not inverted in June of 08 as I mistakenly interpreted from my chart. Oh well, I thought that I had found the Holy Grail for a minute there.
Certainly volatility is extremely low lately. It is going to be replaced by higher volatility but just how deep the correction will be remains to be seen.
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