Vix contango a decent spread. Roughly .50 spot--M1. Tail moderate. Equity risk not driver of current volatility however bond volatility has been the main driver. Although lower yields are concerning the main valuation method for risk assets is bond yields. So going forth expect with lower yields higher equity valuations. With higher valuations expect lower volatility over time.
Monetarily we're in a time similar to Greenspan's 1995 pivot. Let's see if Jerome knows the script