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Wall Street’s so-called fear gauge briefly dropped to its lowest level since before the financial crisis on Wednesday after the Federal Reserve left interest rates unchanged.

The CBOE’s Vix volatility index briefly dropped below 10, falling two points to trade at 9.97 after the Fed released its January policy decision. It then rebounded to trade several tenths of a point lower at 11.72, writes Eric Platt.

The index last dropped below 10 on February 14, 2007, when the Federal Reserve’s then-chairman Ben Bernanke delivered his biannual report to Congress, and the S&P 500 rallied to a multi-year high.

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