Greeks.live macro observer Adam wrote that with the PPI and CPI landing one after another, the market's volatility expectations have dropped significantly, which in turn has driven the main term IV to decline significantly. Short-term IV fell by more than 20% this week, while medium and long-term also fell by about 5%. This decline in implied volatility IV in the options market is relatively rare, and institutional sellers can make up a lot of profits in this round of decline to make up for the hedging losses caused by the huge fluctuations in the past month. Now that the term structure has returned to a solid structure of far high and near low, the market may be deposited for a while.