Even after the release of the long-awaited Fed decision, market volatility doesn't appear to be going anywhere.
Stocks surged after the Federal Reserve announced that it was finally hiking the federal funds rate, in a widely telegraphed move.
But despite the fact that one of the market's biggest questions over the past year was resolved, the CBOE Volatility Index — which uses options prices to condense the expected magnitude of the next month's moves into a single number — is still showing elevated readings, compared to its average over the past few years.
In fact, with the VIX failing to break meaningfully below 15 over the past two months, some say it looks like stocks have shifted into a more volatile period.
Discussing the VIX in a Thursday morning note, MKM derivatives strategist Jim Strugger wrote that "high-volatility regimes have seen a base around 15-16."