In this latest issue of my weekly podcast, I discuss measures of market panic that have either started to ease or that remain elevated. On the easing side, implied volatility as measured by the VIX is today around 40: That's only half of its peak of just over 80 a few weeks back, but it's still twice as high as it was two months ago. Credit spreads have also shrunk but are still closer to their highs than to the pre-crisis levels. On the elevated side, the USD, relative to other major currenc...