The CBOE Volatility Index (VIX), a key measure of market volatility, experienced a dramatic surge, rising 74% in a single day, 71% over three days, and 100% week-over-week. This marks one of the largest one-day spikes in the VIX's 35-year history and its 14th highest close since October 2022. The index, which was steady at around $14 on December 16, soared past $27 following the Federal Open Market Committee (FOMC) meeting before easing back to approximately $24. Historically, such spikes in the VIX have been followed by market recoveries, with the S&P 500 (SPX) showing higher performance one month later in all five prior instances of similar spikes and higher 90% of the time one year later. Analysts and market observers suggest this could present a buying opportunity, as has been the case in the past. Additionally, the VIX reached 3.25 times its daily range during this period. The broader market, however, has seen declines, with the S&P 500 down 2.2% and the Russell 2000 down 4.5% for the week.