On Tuesday, a trader made an unusual $6 million purchase of deep in-the-money VIX puts, including 563 110-strike puts expiring Oct. 21 and 130-strike puts expiring Nov. 18. The VIX closed at 17.2, and this strategy suggests a high conviction that volatility will decline over the next two months, despite the bond market indicating a 90% certainty of an interest-rate hike.