VolatilityICE BofAContinuous

MOVE Index

What is MOVE Index?

Measures implied volatility of U.S. Treasury options across the curve.

Why it matters

The bond market's VIX.

How to read prints

When it rises

Rates volatility elevated; bond-market stress, often precedes equity stress.

When it falls

Rates volatility low; quiet bond regime, supportive for risk assets.

Frequently asked

What is the MOVE Index?⌄
The Merrill Lynch Option Volatility Estimate measures expected 1-month volatility of U.S. Treasury yields, weighted across 2Y, 5Y, 10Y, and 30Y options. It is the VIX of the bond market.
What levels matter?⌄
Sub-80 is calm. 80-120 is normal. 120-160 is stressed. Above 160 reflects acute dislocation (2008, March 2020, Sep 2022, March 2023 SVB).
Why does MOVE lead VIX?⌄
Rates volatility tends to spike first when funding stress, policy uncertainty, or duration shocks hit, then transmits to credit and equity vol with a lag.
What does MOVE tell you about Fed policy?⌄
Sustained high MOVE often coincides with policy-path uncertainty (will the Fed cut? hike? hold?) and disrupts duration-sensitive funding.

Track it on Market Ontology

Monitor MOVE Index in real time on Financial Conditions, alongside regime classification, transmission mapping, and cross-asset context.

SourceICE BofA
FrequencyContinuous
CategoryVolatility
FRED SeriesMOVE
Unitindex
Related ModuleFinancial Conditions

Related indicators

CBOE Volatility Index (VIX)

CBOE

Track MOVE Index in real time

Cross-domain macro intelligence. Policy to prices. 7-day free trial.

Get Started