The CBOE Volatility Index (.VIX) is up .41 to 20.05 ahead of important event risk Wednesday through Friday. Tomorrow morning’s GDP report along with ADP’s early look at the April jobs situation could add a bit of volatility in early action and then, after the usual wait and see ahead of the Fed announcement, things could get rocky again tomorrow afternoon. Yet, while it is difficult to predict how the financial markets will react, there is at least one reason why the VIX might ease once the event risk has passed. Actual levels of market volatility have been falling. The six-day Statistical Volatility [SV] of the S&P 500, for instance, has fallen back to 9.3 percent, less than half the VIX. The 20-day is 18.8 percent and the 100-day is 22.3 percent.