Nordea with the note:
Autumn has clearly arrived. It’s getting colder. Maybe that’s starting to be true also for markets. The past week brought with it the first lower lows in S&P 500 since the bottom in March 2020. Equity volatility has behaved strangely since May with spikes around VIX expiry every month. And beneath that spiky pattern, a slightly upward tilting trend can be detected for VIX futures. At the same time bond yields are shaking off risk-off jitters and are climbing higher. What’s up? Let’s start with volatility.