New YorkTreasury volatility jumped from 80 to 104 in 2 days.

Rising Treasury volatility typically tightens financial conditions and discourages risk-taking across global markets.

The MOVE index measures expected US Treasury volatility, and its 20-day correlation with the VIX turned negative for the first time since April 2024.

Stocks have not followed, with the VIX near its 2026 low of 14.

How each outlet framed it
CoinDesk
maps bond-market divergence (MOVE at 104) from calm equity/crypto volatility as warning signal of underlying strength

Sources: CoinDesk