So the Fed turns a bit hawkish and wants to raise rates. There seems to be the opinion that this fall at some point rates will nudge up. That has done nothing to dampen bonds and prices jumped again. Since we are the only G7 country paying interest I guess higher rates make US Gov bonds more attractive? That also says something about volatility.
There is huge open interest on the Aug 220 strike in SPY,
The SPX is at an all time high, yet vol in the SPX has stopped dropping. If anything it might have crept higher.