Economic data has generally been reported as better than expected, though algos are more focused on the Fed’s interest rate decision later today.

Combined with WTI futures being 4.5% higher, elevated inflation, and Trump cosplaying as Rambo, you might expect there to be some support for a rate increase and VIX to pop up to at least 20. Nothing doing. Futures are down only 8 points…

…and VIX and VX are still threatening to break down below their 200-day moving averages.

Note that the aggressively higher WTI futures…

…are helping to prop up the 10Y.

The FOMC announcement is due at 2pm, with Powell’s last press conference to follow.