The CBOE Volatility Index (VIX) has experienced a notable decline, dropping over 10 points in just four days and reaching levels below 17. This decrease follows a spike attributed to recent Federal Reserve announcements. The VIX is now approximately half of its value from the previous week, reflecting a market sentiment shift that suggests the earlier market dip was not as severe as initially perceived. The SPDR S&P 500 ETF Trust (SPY) has also rebounded to around $600, recovering from a brief reaction to the Fed's decisions. Analysts indicate that the VIX's rapid decline, losing about 50% in a matter of days, signals a return to pre-Fed announcement volatility levels.