This is probably way over-engineered, but took 40 contracts of the SHY 80P/85C strangles for Dec for $0.25.
SHY is the 1-3 year T-bond ETF. IV is super low at 3.9%. If Fed removes guidance during FOMC, or even indicates this is a possibility, would expect that vol to show up in forward rate expectations, leading to price movements of this, as well as increase in IV.
