The Merrill Lynch Option Volatility Estimate 3-Month has just hit an all-time low.
The MOVE index is a yield curve weighted index of the normalized implied volatility on 3-month Treasury options. It is the weighted average of volatilities on the CT2, CT5, CT10, and CT30.
Even since Fed Chair Ben Bernanke started ZIRP and QE in 2008, continued by Janet Yellen, interest rate volatility has subsided to an all-time low under current Chairman Powell.
Not a great time for volatility traders!