Perhaps the low volatility is a result of money being priced as it should be - way lower than the preferred "natural" level of investors. In that sense it may be unfortunate that money rates are taking the advice of hawks more seriously. It would be nice if they could figure out another way to get the corporate sector to better and more widely share the record profits they have realized since 2009. For example- more investment by sunset co's into transformative technology research might be advised if we are looking for something different than "more of the same".