Inflation is a state of mind. What you need to know about financial markets today

With the return of extreme volatility the past two weeks, as represented by the gyrating Cboe Volatility Index or VIX, those university endowments took a hit. How much is unclear. Harvard’s endowment, Harvard Management Co., owned more than 100,000 shares of one exchange-traded volatility fund as of fall 2017, the Wall Street Journal reports. (Its fourth-quarter public filing indicates it sold the position.) The $9.3-billion San Bernardino County Employees’ Retirement Assn. has been trading a small portion of its assets in such funds for six years, its chief investment officer told the Journal.