Interest-rate volatility. When bonds are volatile, every asset is; the MOVE has led the VIX at most major turns.
What to watch: MOVE index. It arrives daily, and the effect typically lasts weeks.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Dials it feeds
This factor is one input to a composite reading on the Analytics page.