×

Market volatility hits 2015 low

Traders work on the floor of the New York Stock Exchange (NYSE).
Getty Images
Traders work on the floor of the New York Stock Exchange (NYSE).

The CBOE Volatility Index (.VIX), considered the best gauge of fear in the market, extended its decline as Fed Chair Janet Yellen began speaking at 1 p.m. ET on Friday.

The index dipped as low as 11.84 around 1:05 p.m. ET after falling below 12 in morning trade for the first time since December 2014, according to FactSet.

VIX performance year-to-date

The VIX has trended lower in recent weeks after hitting a 2015 high of 23.43 on January 16.

Analysts have noted growing complacency among traders with the lack of market-moving news between the end of first-quarter earnings season and the Federal Reserve's June meeting.

Friday also marked the last trading day before Memorial Day, when markets are closed.

Read MoreYellen: Raise rates in 2015 if economy improves