The VIX has held a narrow range for most of August even as Ottawa confirmed C$27.6 billion in retaliatory tariffs and Washington unveiled a sweeping new Iran sanctions campaign. Behavioural economists Amos Tversky and Daniel Kahneman described this pattern in 1974 as anchoring bias, where new information gets judged against an established range rather than assessed on its own. Fed Chair Kevin Warsh's Friday Jackson Hole address and the Bank of Canada's September 2 decision both arrive inside that same anchored window.
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