The most widely followed gauge of market fear and uncertainty was sliding on Thursday, with investors in wait-and-see mode ahead of a crunch consumer price index report.
The Cboe Volatility Index, or VIX, slipped to 15.2 from 15.4 in early trading. Any reading below 20 tends to indicate relatively low volatility, so the latest level is a sign Wall Street is feeling calm.
That could be upended if the CPI print comes in hotter-than-expected. Investors are all-but-certain the Federal Reserve is about to start cutting interest rates, but any signs of a flare-up in inflation could make it harder for the central bank to justify easing monetary policy.