An "uncertainty premium" would translate into the violent spikes in the VIX that you can see on the chart.
And as you can see, spikes are not too uncommon, especially in this post-pandemic environment.
For now, the VIX appears to be signaling some relative calm.
But this, low level in the VIX (lack of demand), might be the product of a market that is already very short, and very bearish (twenty-year extreme short positions from the leveraged futures traders, and global fund managers most bearish stocks, relative to bonds, since 2009).
So, the market position suggests expectations of more downside. And that actually creates vulnerability to a sharp move higher. Why? With some good news, the shorts (and those that are underweight equities) will be scurrying to reposition (long), which can exacerbate the move.
We're already seeing significant strength in big tech stocks (and the Nasdaq). And a technical breakout level in the S&P 500 is nearby — this (white) line in the S&P 500 would be new nine-month highs …