Mike Santoli points out that the CBOE S&P 500 Volatility Index (VIX) has slipped below 15, moving towards "eerie complacency" territory. Additionally, the 10-year Treasury yield has nudged back above 4.7%, partly reacting to Federal Reserve Chairman Kevin Warsh's message from Jackson Hole that short-term rates might need to be used soon against stubborn inflation. Market-implied odds for a September rate hike are now slightly above 50%. Santoli also notes that broad commodity indexes are rising towards five-year highs, and corporate-debt spreads are remarkably tight.