Volatility in fixed-income markets fell to multi-year lows as expectations of a rate cut by the U.S. Fed solidified. Key gauge indices such as the MOVE index dropped significantly, indicating diminished risk premiums and calmer bond-market dynamics. With yields stuck in tight ranges and financial-conditions easing, traders are betting on smoother policy for now. That said, experts warn that the complacency may reverse sharply if economic data or central-bank language diverges from market hopes.