Looking ahead, Goldman Sachs’ Krag Gregory expects volatility to remain slightly elevated, or at least higher than last year, due to the banks’ U.S. economic growth, unemployment, core PCE inflation and Fed funds rate forecasts, Business Insider reports.

Gregory anticipates the VIX will average 19 over 2016, with monthly averages ranging from 18 to 21, or 2.3 points higher than the 2015 average of 16.7.

iPath S&P 500 VIX Short Term Futures ETN

Max Chen contributed to this article.