The tape looks calm. The VIX is around 15.5, roughly 21% below its long-run average, and the Dow keeps printing records. Underneath, the Fed’s reaction function has inverted from the 2025 script: thr…
Market Intelligence — Thursday, August 6, 2026
Two regimes at once: record highs and cheap volatility on the surface, a Fed that has flipped hawkish underneath — and the Nasdaq quietly coming apart while everything else grinds up.
