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