The VS TR 2x Long VIX Futures ETF (UVIX) closed down 3.59% to $3.76 on January 13, 2025, as volatility in the markets subsided following a strong jobs report that dampened expectations for Federal Reserve rate cuts. The underlying VVIX index fell 4.11% to 110.74, reflecting a decrease in market volatility. The Cboe Volatility Index (VIX) saw a significant rise earlier in the day, reaching 21.60, but later stabilized as investors digested the implications of the robust December nonfarm payrolls report. This report, which exceeded expectations, suggested that the labor market remains strong, reducing the likelihood of aggressive monetary easing by the Fed. Consequently, the demand for volatility hedges diminished, leading to a decline in volatility-linked products. Additionally, the Federal Reserve Bank of New York's survey indicated that U.S. consumers expect inflation to remain elevated, further influencing market sentiment.