The Cboe Volatility Index closed below 20 on Wednesday for the first time since April. It's continuing to hang out in the sub-20 range following this morning's largely benign PPI reading. Notice how its most recent peak was in mid-June? That's around when the 10-year U.S. Treasury yield hit its high.

An economic slowdown that morphs into a full-blown recession won't be good for markets. More bearish investors warn an economic slowdown will force the Fed to hit pause on its rate increases. The Fed has said it will continue to raise rates until the economy shows signs of improvement.
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