Guess what? This:

Surprising? No. Notable? Probably not, considering how things that aren’t surprising usually aren’t worth mentioning.

That said, this is just the latest in a series of “record low” volatility headlines and they’re probably worth at least filing away for posterity. Here’s the chart:

This of course comes as European equities surged on Monday. The EuroStoxx 50 jumped as much as 1.5%, amid a broader global rally ostensibly tied to “optimism” around the U.S. tax plan. This was the best day for the SX5E in two weeks.

Panning out, here’s European equities versus vol.:

What could go wrong? It’s not like there’s political turmoil across the pond and there’s no way the ECB taper could go awry, right?