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Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look. 

The post-crisis policy regime is one characterized by forward guidance acting as volatility warden with the express purpose of cultivating a self-optimizing, low vol, long carry dynamic to drive asset market reflation...

With rates and cross-asset vol collapsing, spreads re-approaching all-time tights, implied volatility discounts beginning to pile up across equity benchmarks and the speculative net short position in the VIX again approaching record levels, the sentiment vigilantes have re-organized and are again set to march on the complacency wall.

CHART OF THE DAY: A Fed Fortified Wall of Complacency - CoD VIX CFTC

CHART OF THE DAY: A Fed Fortified Wall of Complacency - early look