If investors are looking for safety, why aren't they also seeking protection?
Over 2014 in general, and the past few weeks in particular, both the CBOE Volatility Index and 10-year yields have plunged. This is unusual because yields fall as investors buy Treasurys, while the VIX drops as investors pay less for S&P 500 implied volatility (or more generally, as they pay less for hedges on the S&P 500 as the chance of big moves is perceived to drop).
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