The longer dated volatility crash
Who needs longer dated volatility when you can trade the 0DTE stuff? The crash in longer dated SPX vol is extreme. Barclay's great derivatives team notes: "...it’s as if the S&P vol market has forgotten that today’s Fed, which has pledged to do whatever it takes to restore inflation to its 2% target, is not the 2011 ECB, which famously pledged to “do whatever it takes” to preserve the euro."