The current global financial market volatility seems to be a phased trend, and the VIX has recently been hovering near record lows.

The reason why the market is "not surprised" is because of the rise of tolerance and the failure of the critical point;

The reason that the market is "not afraid" is that the risks of the real economy have given way to financial risks, but the "earning effect" has driven no one to break the tacit agreement.

The market is "not thirsty" because liquidity is tightening late and the global monetary policy cycle is mismatched.

"Glass will be removed, music unavoidably stop", as the geopolitical risk is once again fermentation, strengthen financial supervision and regulation has become a consensus, tighter liquidity imminent, the storm will only late in financial markets, not absent.

Since this year, the stock market in the United States as a representative of the index of major financial market reached new highs, global financial volatility downside seems to be a periodic trend, the VIX (nearly 16%) from April high gradually decline, since the end of August is hovering near record lows (10%).

In the nearly 30 years since the VIX began to be compiled, the figure below 10% has been seen only 10 times before this year, and 21 since September 22.

In fact, two rounds before the VIX hit bottom in the face of the time of the end of December 1993 respectively to the end of January 1994 (stable throughout the year in 1995 just above 10%), and at the end of November to January, 2006, the VIX index down low like this year and maintain near the extremely low levels of very rare (see chart).