We almost fell off the chart today. It would not be the first time. I already had to rescale it once since first creating it (Certainty vs. Uncertainty).
The following chart shows how fast the yellow "You Are Here" point is moving in the first chart.
If this is a fear then...
1. Why are we moving so slowly?
2. Why aren't we moving closer to the deflationary zone?
I would argue that it might not be fear, at least not yet. It may instead be an increasing realization that the era of making easy money off of money is coming to an end. Put another way, I believe that there are too many investment dollars chasing too few good ideas.
Money, again, has often been a cause of the delusion of the multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper. - Charles Mackay
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one. - Charles Mackay
Charles Mackay (27 March 1814 – 24 December 1889) was a Scottish poet, journalist, author, anthologist, novelist, and songwriter, remembered mainly for his book Extraordinary Popular Delusions and the Madness of Crowds.
FRB: Selected Interest Rates
US Treasury: Interest Rates