US bond market volatility is falling: The MOVE Index fell to 67 points last week, its lowest level since November 2021. This metric, also known as the “VIX of bonds,” measures yield volatility across 2-year, 5-year, 10-year, and 30-year Treasuries. The index has dropped -73 points since April as the bond market stabilized after President Trump’s "Liberation Day" sell-off. Easing volatility has also been supported by 2 Fed rate cuts in September and October and corporate credit spreads at their lowest level this century. Meanwhile, the 10-year Treasury yield has fallen -70 basis points to 4.10% since January. US bond markets are stabilizing.(The Kobeissi Letter)