The VIX has continued its remarkable descent last week despite downward pressure on US equities, falling below 13 to as low as 12.73 intraday on June 22, its lowest levels since Jan-20, before recovering to 13.54.
And while investors - most of whom are still skeptical about the current rally - might be in different “stages of grief” about the equity vol crush, according to BofA's derivatives gurus Nitin Saksena and Benjamin Bowler, they can all agree on the key questions: what’s driving it; when will the VIX base; and how low can it stay?
