set, deanre on curnutt of macro risk advisors. already talking about the lack of cross asset vol. you've got the vix, the move index, fx vol all super low. what is the trigger for that picking up, and how do you profit off of maybe selling it? i don't know. what do you do? dean: the first thing, this is confounding, especially in fx. are set apart vol from things like the vix. fx is a real head scratcher. so what is it that drives, for example, fx volatility so low? there's a fair amount of forward guidance compounded in things like the euro-usd relationship. is certainly not raising rates, and the u.s. has basically promised something similar to that. what gets this going, i like to say it is new news. the market has to confront something that maybe it wasn't expecting. i think, as we talked about in the last segment, this free pass that the market has given to the economies on global growth i think is interesting, but it is real. in other words, you are looking at something as half-full right now. u.s. pmi is below 50, and the m