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Bloomberg in-car apps are sponsored by interactive brokers. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Kane always with Michael McKee.

Daily, we bring you insight from the best in economics, finance, investment, and international

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Dean Curtin with us and the state of Wall Street, how quiet is quiet right now.

Give us a historical, I mean August is always quiet. Is it like worst ever?

It's a considerably quiet period when you look at the day-to-day fluctuations in the S&P 500.

To come across a 1% move you got to go back 26 days.

It doesn't happen all that often.

It's pretty rare.

And that kind of feeds back into, one, do I have to be here?

A lot of traders are asking themselves, should I be here if there's no volatility.

And two, I can't get away from the way in which the quiet markets reinforced behavior.

In other words, the chief risk officer who's one of his tasks is to backbook hedge all the risk in the book.

He's looking at saying, you know, these option prices are low, the Vix has come down, but it's still not worth it because the markets bear...

It's not worth it to outlay premium for hedges.

To spend money on a hedge to protect myself.

...