According to Odaily, Greeks.live macro observer Adam reported that market volatility expectations have significantly decreased following the release of the Producer Price Index (PPI) and Consumer Price Index (CPI). This has led to a notable decline in implied volatility (IV) across various maturities. Short-term IV has dropped by over 20% this week, while medium to long-term IV has seen a decrease of approximately 5%. Such a decline in IV is relatively rare in the options market. Institutional sellers, who dominate the market, have been able to recoup substantial profits during this decline, offsetting the hedging losses incurred over the past month due to significant market fluctuations. The term structure has now returned to a stable state, with long-term IV higher than short-term IV, suggesting that the market may remain stable for a period.