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The CBOE Volatility Index (VIX) pit at the Chicago Board Options Exchange (CBOE) in 2014. Photo: Scott Olson/Getty Images

Betting that Wall Street's calm will last, hedge funds are shorting the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) — or the so-called "fear gauge" — "at rates not seen in at least 15 years,” Bloomberg reports

Why it matters: “[A]ggressive bets against the VIX are, depending on your worldview, evidence of either confidence or complacency," Bloomberg's Sarah Ponczek writes. Aggressive bets against the VIX were shown to be the largest in weekly data going back to 2004.

Context: The VIX rose this week, but remains more than 30% below its 20-year average — meanwhile, volatility has all but vanished and equities are surging to all-time highs. CBOE introduced the VIX in 1993 as a measure of the 30-day implied volatility of 8 S&P 100 options.

Go deeper: 3 questions about the CBOE Volatility Index (VIX), answered

Go deeper

Brazil begins distributing AstraZeneca coronavirus vaccine

Containers carrying doses of the Oxford/AstraZeneca vaccine arrive in Brazil. Photo: Maurio Pimentel/AFP via Getty Images

Brazil on Saturday began distributing the 2 million doses of the AstraZeneca coronavirus vaccine that arrived from India Friday, Reuters reports.

Why it matters: Brazil has the third highest COVID-19 case-count in the world, according to Johns Hopkins University data. The 2 million doses "only scratch the surface of the shortfall," Brazilian public health experts told the AP.

Sullivan speaks with Israel's national security adviser for the first time

Israeli national security adviser Meir Ben Shabbat U.S. Photo: Mazen Mahdi/Getty Images. U.S. national security adviser Jake Sullivan. Photo: Chandan Khanna/Getty Images

U.S. national security adviser Jake Sullivan spoke on the phone Saturday with his Israeli counterpart Meir Ben Shabbat, Israeli officials tell Axios.

Why it matters: This is the first contact between the Biden White House and Israeli prime minister's office. During the transition, the Biden team refrained from speaking to foreign governments.

Biden speaks to Mexican president about reversing Trump's "draconian immigration policies"

Mexican President Andrés Manuel López Obrador. Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

President Biden told his Mexican counterpart, Andrés Manuel López Obrador, on a phone call Friday that he plans to reverse former President Trump’s “draconian immigration policies.”

The big picture: The Biden administration has already started repealing several of Trump’s immigration policies, including ordering a 100-day freeze on deporting many unauthorized immigrants, halting work on the southern border wall, and reversing plans to exclude undocumented people from being included in the 2020 census.