Implied volatilities across equities and rates are at lows

Implied volatilities across equities (white) and rates (blue) are at lows heading into typically choppy September. Coming up soon: a live #Fed amid talks of independence, the all-important #payroll after last big downward revisions, and more #inflation prints with already signs of tariffs feedthrough. I still favour equities over long rates and risk-on, but I am sitting on the edge of my seat.