VX futures volume spiked 22% compared to last week as traders positioned ahead of the Fed meeting minutes. Historical patterns suggest that policy uncertainty tends to lift the volatility index futures. With this in mind, it is interesting to note that Gray Flag 2024 “was the most expansive interoperability event to date, with the data captured informing requirements, tactics, techniques, and procedures for future kill chains,” according to Naval Test Wing Pacific’s Capt. Halpern. Catherine Clay, head of global derivatives at Cboe, said, “We expect options on VIX futures will complement our existing product suite, appealing to a broad group of users, including Commodity Trading Advisors, customers of Futures Commission Merchants, and market participants currently active in VIX exchange-traded products and in Cboe's SPX option and VIX product ecosystems.” Short-term VX futures contracts are trading at a premium to mid-term maturities, reflecting investor concern over this week’s CPI release. Economic data surprises historically push VX futures up 10–15%.