Going ahead, volatility is what the market participants would continue to hear every now and then as quelling the market expectations of a cut next year, the officials hinted that no cut would be seen in 2023. And, moreover, the central banks around the world are anteing up the pace of rate hikes.   

Volatility is an indicator of risk. In general, the higher the volatility, the riskier the portfolio or the stock is. The volatility of a security or portfolio relative to its benchmark is called beta.