There are 'cracks emerging' in the calmest market in years

Don't let the calmest market in years lull you to sleep.
While a gauge of volatility spanning multiple asset classes has slipped to its lowest level since 2014, a separate measure of market fragility has been climbing steadily over the past six months, according to Bank of America Merrill Lynch.
The so-called "Fragility Indicator," maintained by BAML, is designed to measure the frequency and extent to which volatility measures and credit spreads are seeing abnormally lar