The CBOE Volatility Index (VIX), often referred to as the market's "fear gauge," has fallen to its lowest level since February 2025, approaching a range between 16 and 17.2. This decline signals a period of reduced market volatility and increased calm among investors, coinciding with positive developments from recent London talks. Market analysts note that the VIX is nearing a 15 handle, marking a historic drop in market fear. Despite the low volatility, the tightening range in the VIX suggests potential for a breakout, as historically observed in 2018 and 2020. Additionally, the S&P 500 Put/Call ratio has reached one of its lowest points in three years, raising questions about whether investors should consider hedging strategies. The VIX's recent spike was noted to be twice the 37-day range, with relative volatility shifting outside historical volatility levels.