Despite continued talk of banking failures and possible recession, stock markets have been pretty sleepy lately. Wall Street’s volatility index, the Vix, recently fell below 16, its lowest level since November 2021. It spiked higher last week, hitting 20, but remains around its historical average.

April was unusually quiet for stocks, with the S&P 500 stuck in a 3 per cent trading range – its smallest monthly trading range since 2019. The average daily high/low spread fell from 1.51 per cent in March to just 0.92 per cent in April, notes S&P analyst Howard Silverblatt. Only seven days had an intraday spread of at least 1 per cent, down from 11 in March. Trading fell 24 per cent.

Investors won’t complain. After 2022′s stomach-churning declines, 2023 has brought some welcome calm.