What drives volatility? In equities these days, it turns out, not much. With just 6.8 percent realized volatility in the S&P 500 Index, 2017 marked the least volatile year since 1964. Low correlation among stocks, muted inflation variability and market-friendly central bank policies all played a role. But that hasn’t stopped investors from asking, ‘Who ate the vol?’ We point ...

Citigroup Inc. investors are rightly looking past the ugly headline. The bank on Tuesday reported a large fourth-quarter loss, reflecting a bigger-than-expected $22 billion writeoff related to changes in US corporate tax laws and a move to a territorial tax regime. Importantly, the one-time charge shouldn’t compromise Chief Executive Officer Mike Corbat’s ability to deliver on targets due by 2020, ...

India’s banks were hoping the regulator would feel the pain of their bond-market losses and maybe offer a palliative. What they got instead from the Reserve Bank of India (RBI) was tough love. Condemnation by deputy governor Viral Acharya may be correct, but it won’t resolve the mess. In a speech in Mumbai on Monday, Acharya revisited the nexus between ...