How Could it Be OK if It's Askew?

I saw on X that @Barchart posted how low the "MOVE" Index has been sinking, which is basically the VIX of the bond market, illustrated below. 

It would seem there is much ado about nothing, according to the MOVE Index, despite rates pushing higher as Treasuries selloff after both yesterday's inline CPI print, a strong 10-Year auction, and then this morning's hot PPI print. Overall, rates are still much higher than most expected given the apparent soft landing the stock market has priced in many times over. 

My take is that this is the calm before the storm, with complacency rampant in both stocks and bonds. We have a weakening labor market with inflation running back higher, which means something is askew with both MOVE and VIX. 

Tonight's earnings, AVGO and COST especially, highlight two of the names which have been front-running any and all perceived bullish news for a while now, complete with long-term parabolic charts.