On back to back days the market moves up and down 31 handles, about 1.5% both days. Yet, the VIX got completely clubbed yesterday, and had almost NO bounce today. Take a look at the pitiful vol movement.
Janet Yellen pushed up rates in one of the big moves in rates in 9 years. Namely the up move as market volatility into the event went up to the mid-20s in VIX just last week. What is a bit strange is that even with the rates raise well telegraphed TLT volatility was in the middle of the range. Now that the news is out they are killing the volatility that is there. TLT is barely moving today.