Traders Load Up on VIX Calls as Fragile AI Rally Fuels Hedging

MacroPrice Action Impact 4
โดย Bloomberg·Read original
Summary · why it matters

Traders are loading up on VIX call options, pushing the open interest ratio of calls to puts to its highest level this year, signaling increased demand for downside protection for the S&P 500. The ratio has surpassed levels seen in early February when Iran war anxiety drove the VIX above 20. Even with a US-Iran interim peace deal in place, Federal Reserve Chairman Kevin Warsh's tough talk on inflation has markets fully pricing in rate hikes as soon as October after consumer prices rose at the fastest rate in three years. Adam Phillips of EP Wealth Advisors said the deal does not change the rate outlook and that the Fed likely won't cut anytime soon, forcing traders to adjust to elevated borrowing costs and inflation. The S&P 500 has gained in 11 of the past 12 weeks and is less than 2% from its all-time high, but stretched valuations and elevated positioning in megacap tech stocks leave the market vulnerable to inflation surprises ahead of Thursday's personal consumption expenditures data.

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