Bond market volatility is hitting 4-year lows again, and it's fascinating because the disconnect is real. The macro drama we're seeing—economic data, policy shifts, geopolitical tensions—barely moves the needle on actual price action anymore. It's like the market has become numb to the noise. When MOVE index sits at these lows despite all the macro chaos, you're watching a market that's either pricing everything in or completely detached from reality. Either way, it tells you something important about where liquidity and sentiment are right now.