Vol is waking upIndex vol has moved higher, but remains rather low in absolute terms. Meanwhile, the warning signs are multiplying: oil vol, skew, VVIX and JPY vol are all moving sharply higher, while realized correlation sits at record lows.The repricing may have started, but cross-asset signals suggest it may have further to run. With CPI, the yen carry unwind and a potential return of correlation all in play, optionality still looks too cheap.