Another day, another record low for volatility gauges, with Bank of America’s MOVE Index (considered Treasury Market 'VIX') falling to an unprecedented 48.26.

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As Bloomberg notes, the slide back down in volatility comes as the Treasury term premium looks to be failing in its latest attempt to climb back above zero.

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So investors in the world’s biggest bond market don’t want to pay for protection against price swings and they don’t care about getting paid for time risk -- that can only add to concerns expressed by commentators including the Federal Reserve that markets are dangerously complacent.