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April the 27 is in the books here on Wall Street. Here's the New York minute. And it's been a calm day, quite remarkably calm in fact. This is the VIX index, which ranges volatility by how much people are prepared to protect against volatility in the options market going back to the beginning of this decade.
And you can see that today the VIX has dropped to its lowest since 2014, its second lowest for the whole of the decade. Quite remarkable given all the political drama going on. Now as we approach the final trading day of Donald Trump's first 100 days, you can see that stocks are still very comfortably beating bonds.
People do feel more positive about the economy than they did when he was elected. Meanwhile, if you take a look at how growth has performed compared to value, growth is now very significantly outperforming. That's a sign that people think that growth is scarce.
That's a more worrying signal. The other big factor of note, this is what's happening to sterling, its highest since Theresa May's speech back in October. People are at the moment feeling very relaxed indeed about the UK election. And that's the New York minute.