Implied Volatility Rates

Anyone know how to interpret this? Its a market sentiment gauge tool.

http://www.ny.frb.org/markets/impliedvolatility.html

Never seen this before. I'm very interested in understanding how these figures work as well.

A quick Google search brought up this webpage: http://articles.economictimes.indiat...atives-traders

Just from the name it seems like it measures the market sentiment for risk or volatility of a certain option, depending on the expiry.

If anyone can clarify I would love to read their explanation.

Yeah its a guage of the currency options market as an insurance for there cash spot positions. I would imagine the higher the number the more they are the opposite in cash spot currencies hence them taking out more insurance on that currency pair on options inverse relationship imo. I could be wrong.