Stock market’s fate comes down to the next 13 trading sessions

Investors are anxious about most of this. Forward implied volatility is back in the low 30s for the consumer-price-index day and nearing 40 for Fed rate-decision day later, meaning traders are betting on some big swings, data compiled by Citigroup show. However, a forward implied volatility reading of 26 on jobs data day indicates the market is underpricing that risk, according to Stuart Kaiser, Citigroup’s head of US equity trading strategy.