A reminder that 2019 "stock and bond markets ripped higher", with "double-digit returns for investors".

Meanwhile foreign exchange

  • Trading ranges for major currencies were the narrowest since the Bretton Woods system broke up, and the modern FX market began to take form, back in 1973.

But …

  • Extremely low volatility occurred in 1996, 2007 and 2014, … each period was followed by an explosion in price swings

The usual suspect(s) for low vol:

  • central banks are largely moving in lockstep, the gaps between major interest rates - key drivers of moves in exchange rates - have compressed.