Ref #9122402 v2.12  0%  8  Figure 4b: Equity and Bond Market Implied Volatility 90  Index  Index  VIX Index  300  MOVE Index (RHS)  80 250 70  60  200  50 150 40  30  100  20 50  10  0  0  2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020  Source: Bloomberg and Reserve Bank of New Zealand Note: The VIX Index measures the expected volatility of the S&P 500.
Liquidity Another contingency planning issue for the Federal Reserve is liquidity. Despite their best efforts, some depository institutions could encounter problems in the rollover in maintaining reliable computer systems, and these problems may or may not affect their funding positions.