VOLATILITY has wreaked havoc in the financial markets this year. The median stock-market CBOE VIX Volatility Index^® is 26.7 compared to only 18.6 in 2021 and is higher than 86% of the time since 1990. Because Treasury yields recently returned to some sense of normalcy, bond market volatility has also been challenging. For example, the median ICE MOVE Index (a yield-curve-weighted index of implied Treasury-option volatility) is at 111 versus just 61 in 2021—this is higher than 80% of the time measured back to 1990!