1. The S&P 500 is experiencing low realized volatility, indicating tight trading ranges; 2. Implied correlations are low, suggesting potential for volatility to rise; 3. S&P 500 futures trading volumes are below average, hinting at suppressed volatility.

1. The market has scaled back the odds of a 50bp cut at the September 17-18 FOMC meeting after the US jobs report and Fed speak. 2. The dollar is correcting higher after falling sharply in August. 3. The ECB is expected to cut rates again this month (September).