The VIX index is widely viewed as a measure of fear in the stock market. The Merrill Lynch MOVE index is a similar measure for the bond market. It is "a yield curve weighted index of the normalized implied volatility on 1-month Treasury options which are weighted on the 2, 5, 10, and 30 year contracts." (Raymond James) The CBOE also has a volatility product based strictly on the ten-year note. TYVIX. So where is there more fear?
Readers interested in volatility trading should take a deeper look at the relationships among these variables.