Wall Street’s so-called fear gauge jumped Wednesday as investors braced for volatility ahead of a President Donald Trump’s tariffs announcement. However, it’s not the most scared the market has been this year, suggesting things are a bit calmer than they might have been on such a significant day.

The CBOE Volatility Index (VIX) rose 5.3% to 22.92 early on Liberation Day, as Trump has called it. Any reading above 20 typically signals high future volatility. The index traded below 20 for seven consecutive days until Friday.

Despite the sharp jump Wednesday, the VIX is lower than the 29.57 level it hit on March 11–the day after stocks plunged as Trump failed to rule out a recession in an interview with Fox News.