According to Greeks.live, the release of the Producer Price Index (PPI) and Consumer Price Index (CPI) in quick succession has led to a significant reduction in market volatility expectations. This has resulted in a notable decline in implied volatilities (IVs) across all major maturities. Specifically, short-term IVs have decreased by over 20% over the past week, while mid- to long-dated IVs have also experienced a decline.