UBS's market-fragility gauge maxes out at 1 for the first time in two years
UBS's "Turbu-lens" index, a barometer of market fragility, hit its maximum reading of 1 on Aug. 19 for the first time in two years. The last time it did, volatility spiked. The gauge blends high-yield CDS, G10 FX volatility and S&P 500 CTA positioning, and UBS strategists warn conditions have turned "notably more fragile" into the Fed's meeting and midterms.