Something peculiar is happening in western capital markets. Almost every measure of volatility has tumbled to unusually low levels. If you look at the degree of actual (or “realised”) price swings – and projected (or “implied”) future movements – investors are behaving as if the world is utterly boring.
西方资本市场正在发生一件怪事。几乎所有波动率指标都跌至异常低的水平。看看实际价格波动程度（即“实际”波动率）和预期的未来价格波动程度（即“隐含”波动率）吧：从投资者的表现来看，世界实在是太无趣了。
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