A news report creates market buzz, but it is important to look at the numbers: the MOVE index for bond market volatility is still in a longer-term downtrend and is off the high from earlier in the year. The buyback announcements have caught the bond market's attention, but that has not translated into higher volatility.
Our second graph shows the percentile level over the last ten years as a time series. We are significantly off the high of the high-inflation period. Rates have increased, but this has not translated into market highs in volatility.
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