World sharemarkets have been remarkably calm in recent weeks, despite plenty of uncertainty around. Inflation is still stubbornly high, nor is it completely clear how much further interest rates will rise. We’ve also got the small matter of the US debt ceiling to resolve. Former Federal Reserve Chair and current Treasury Secretary, Janet Yellen, has said the country might be unable to pay all of its bills by June. The US is the world’s largest economy and its more important borrower, so that’s kind of a big deal. With that in mind, you’d think markets would been on edge, but that’s not the case. The S&P 500 in the US has rallied almost ten per cent this year, while volatility is at the lowest levels since July 2021, almost two years ago. Are we being too complacent?