The VIX slipped to 15.46 Tuesday, staying inside the 15.13-to-16.30 range it has held since August 20, even as the US Treasury confirmed China would not be exempted from new Iran sanctions. That range sits well below the 20.66 spike recorded on July 29, when three Federal Reserve regional presidents delivered a rare hawkish policy dissent. Gold held near a three-month high around $4,680 an ounce over the same period, showing where this cycle's fear premium is actually pricing in, while equity volatility stays largely unmoved.
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