EFTA Document EFTA01362030

4 September 2015 US Fixed Income Weekly removed. 8%. This puts the current episode's maximum decline of 11% in good company with historical episodes. But other aspects of the historical record suggest that we may not out of the woods yet. For one, previous episodes of shocks to the volatility risk premium tend to last substantially longer than two weeks; they take an average of 50 days, or 38 days if the crisis-era episodes are excluded. (While there are some previous examples of "short"