On the MOVE

The MOVE Index, Wall Street’s bond volatility gauge, has dropped back to the bottom of its range — signalling remarkable calm despite rising political noise around Fed Chair Jerome Powell. While social media buzzes with resignation rumors, markets aren’t pricing in panic: futures show little change in rate expectations. But a forced exit would shake confidence in Fed independence — with real consequences for the dollar and long-term rates. For now, the silence in bond markets speaks louder than the headlines.