Global Daily: It's quiet. Too quiet?

Today’s headlines are more of the same, which should spell bad news for longer-term government bonds. The long end of the Treasury curve has been struggling since President Trump moved to terminate Lisa Cook position at the Fed on Monday. However, considering the potential implications, markets have arguably been eerily calm in the face of this news. Long-term yields are up, but not massively, and Bloomberg headlines today that speculators have accumulated the biggest net short positions on the VIX index since 2022, essentially betting that the calm will last. Is that a setup to another volmageddon?