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Bloomberg.com to get context. Hello and welcome to another episodeiesenthalz podcast. I'm Tracy Allaway.

And I'm Joe Wisenthall.

Joe. Yes. Did you know?

Did you know?

Did you know that the Vix futures... This is super dramatic. It's not that interesting.

Did you know that the Vix futures curve has been inverted or kind of inverted for I think like six months now

basically since February. I didn't realize it was then but I didn't realize

it had been six months so basically that means that

investors are hedging against higher volatility

protection in the future than they are right now or the other way around. The other way around.

So it means people are paying more for volatility protection

in the near term than they are in the future,

but that's unusual or at least it's counter to how the Vix curve normally looks.

Normally the Vix curve is upward sloping because there's more uncertainty further out into the future and so you pay more for that volatility insurance.

So it's kind of unusual to have the Vicks curve downward sloping for this long and I guess it's one of those things that that tells you that

we're in an interesting place when it comes to markets at the moment.

Yeah, I mean it makes sense that people are paying up more for short-term hedging right now because we obviously are just in extraordinary times.

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