Last week the market experienced one of the fastest rises in volatility since the Covid-19 pandemic and the Great Financial Crisis. The VIX index rose above 60 on Monday morning, which was a 40-point jump from the day before. However, what followed was equally impressive as volatility fell nearly just as fast as it rose, and today the VIX is below 17.We know now that the unwind of the Yen carry trade led to a capitulation of the most levered traders and it seems that the worst is already behind us. And it m ...