Chart of the Week: Are equities complacent?

Powell opens the door to a 50-basis-point rate hike, interest rates shoot up and equities crash. And yet, at the time of writing, the VIX index is below 20, raising the question of whether equities are not a bit complacent.

You can probably already hear a little from my tone what my answer is going to be. Still, there is a good reason why implied volatility looks relatively low.