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The Market’s Fear Gauge Is Stable. New Tariff Talk Isn’t as Scary.

The CBOE Volatility Index, also known as the VIX or market fear gauge, was remarkably steady early Wednesday.

It was at 15.54, up just 1.2% from yesterday. Any reading below 20 tends to suggest the market is calm.

Traders weren’t reacting much to President Donald Trump’s latest rhetoric on tariffs, in which he raised the prospect of new 25% levies on automobiles, semiconductors, and pharmaceuticals. That suggests they don’t expect them to have a big impact, if they eventually take effect at all.