To paraphrase the great Jerry Seinfeld, "It's a market about nothing."
A sample list of 10 day realized vol:
VIX- 60.54 (near 2 year lows)
With a remarkable lack of vitality the SPY is finishing lower then where it started the week. VIX could finish lower where it started this week as well. The FOMC did nothing really and nothing generally means lower vol and that is what we have. Not so for the big dividend paying stocks.
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.