"What can be said, however, is the more constrained the volatility, the bigger the regime jump is likely to be."
While written from a US foreign policy perspective this certainly captues what I have been saying about central bank behaviour.
I quote myself.
"We are in a new age of volatility. The central banks, particularly the FED, have been managing the market levels, providing accommodation that may have short term benefits but serves to increase systematic risk and volatility in the economy. This means all asset managers are now risk managers."