Gauges of currency and bond volatility have been a leading indicator of the ongoing rout. They have been elevated most of this year, with the ICE BofA Treasury volatility index approaching levels hit when the pandemic erupted in 2020. However, the CBOE Volatility Index, known as Wall Street’s fear gauge, remains below levels seen during past bear markets. Given it has room to rise, some investors are concerned. Goldman Sachs Group Inc. and BlackRock Inc. are among those warning that markets are yet to price in the risk of a global recession.