
Market volatility is rife ahead of the Fed's September rate hike. Moreover, Federal Reserve Governor Christopher Waller is expected to back another 75-bps hike in the upcoming meeting. The CBOE Volatility Index is up 37.1% year-to-date.
Amid such monetary tightening policies, recession fears are rising. According to UBS Group AG (UBS), the odds of a U.S. economic recession soared to 60% last month, vaulting from its June recession odds of 40%.