SPX Realized Skew Inverts As Traders Focus On Right Tail
2026-05-05 05:40:00 ET
By Mandy Xu
Cross-Asset Volatility : Implied volatilities were mixed last week as oil prices continued to climb and the Fed came out more hawkish than expected. Brent oil prices briefly jumped to over $126/bbl – their highest level since the Iran conflict started – while oil volatility (OVX Index) remained elevated in the 88th percentile high. Interest rate volatility increased following the FOMC meeting as traders switched from pricing in rate cuts to now rate hikes next year. The expected 1-year US CPI inflation rate jumped to near a 3-year high of 3.5% last week, well above the Fed’s 2% inflation target. Gold and FX volatilities also increased marginally. In contrast, both equity and credit volatilities fell last week on the back of better-than-expected earnings and robust US economic data. The VIX Index ended the week near a 3-month low of 16.9% (-1.7 pts)....
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SPX Realized Skew Inverts As Traders Focus On Right Tail
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