One day volatility will return to the financial markets. When that day arrives (and why) is anyone’s guess. Meantime, vol remains in remission across the major asset classes, based on a set of proxy ETFs.

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The risk premia estimate for the Global Market Index (GMI) rose to 5.0% in August, 20 basis point above the previous month’s estimate. This long-run forecast, which can be varies modestly from month to month, reflects an outlook for performance over the “risk-free” rate, according to a risk-based model (details below).

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Health experts see risk of new wave of Covid-19 infections this winter: CNBC
Trump makes controversial visit to Kenosha: Reuters
US-Russia military clashes around the world are rising: NYT
Treasury Secretary: US economy needs more gov’t stimulus: BBG
Fed’s Brainard: central bank should do more to support economy: MW
Australia in recession for first time in decades: WSJ
Global mfg growth picked up in Aug, rising to 21-month high: IHS Markit
China manufacturing PMI rose to 9-year high in August: CNBC
Home prices rise 5.5% in July, well ahead of 1.0% CPI inflation: CoreLogic
US construction spending rose in July–first monthly gain since February: Reuters
US manufacturing activity rebounded in Aug to strongest pace since late-2018: ISM