{"id":201864,"date":"2024-01-31T11:15:00","date_gmt":"2024-01-31T16:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=201864"},"modified":"2024-02-01T03:36:10","modified_gmt":"2024-02-01T08:36:10","slug":"options-market-expectations-for-todays-fomc-meeting","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/options-market-expectations-for-todays-fomc-meeting\/","title":{"rendered":"Options Market Expectations for Today\u2019s FOMC Meeting"},"content":{"rendered":"\n

Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly different tone that what we\u2019ve seen in recent days.  We\u2019ll know soon enough whether the Federal Reserve and Chairman Powell will reverse or add to this morning\u2019s gloom.<\/p>\n\n\n\n

Before we dive into the Fed, let\u2019s briefly recap the megacap tech earnings that we wrote about yesterday<\/a>.  We noted that options markets appeared weirdly sanguine, noting:<\/p>\n\n\n\n

 I prefer to paraphrase [President Franklin Roosevelt] by saying, \u201cthe only thing we have to fear is the lack of fear<\/strong> itself.\u201d  <\/em><\/p>\n\n\n\n

Despite beating estimates on the top and bottom lines, we see Microsoft (MSFT) falling modestly, about -1%, broadly in line with the markets.  Some reports point to disappointment about its growth in cloud computing, even though Azure sales grew 30%, above the 28% expectation, but I believe that the simpler explanation is that an incredible amount of good news had already been priced in.  As we also pointed out yesterday<\/a>:<\/p>\n\n\n\n

MSFT is up 70% and GOOGL is up 57% in the past year, and both stocks are up almost 10% in the year, er, month-to-date.    But that type of recent performance implies that lofty expectations must be built into those stock prices.  It brings me back to the days of the \u201cwhisper numbers\u201d, when there were quiet expectations that were usually above the published estimates.  It would not at all be shocking if in-line, or even modest beats, are not already priced in.<\/em><\/p>\n\n\n\n

Something similar applies to the 6% drop in Alphabet (GOOG, GOOGL).  That company also exceeded expectations on the top and bottom lines, but revenue in its core browser business came in at $48 billion, a hair less than the $48.16 expectation.  It is said that perfection is the enemy of the good, and that is certainly the case when perfection is priced into stock prices.<\/p>\n\n\n\n

The surprising news of a dividend cut and exploding bad loan provisions at New York Community Bancorp (NYCB) not only has that stock plunging, but it has led to a broad \u201crisk-off\u201d move.  NYCB is down over 33% — off its lows, but not by much.  The KBW Regional Bank Index, best tracked by the KRE ETF, is down about 3.5%.  When asked for a reason for the broad sectoral selloff, I answered:<\/p>\n\n\n\n

Many traders believe that warnings of the type we saw from NYCB are like cockroaches – if you see one, there must be more hiding just out of sight.  To be fair, I know of no other looming problems, but the [buying of put] options in KRE tell me that many traders are not taking any chances.  <\/em><\/p>\n\n\n\n

Anything that even has the whiff of a banking crisis[i]<\/a> sends traders into the safety of Treasuries.  Yields are lower across the curve, with 2-year yields lower by 11-basis points and 10-years lower by 7bp, abetted by a softer than expected Employment Cost Index and a benign quarterly refunding announcement.  In turn, this has colored traders\u2019 viewpoints about the potential outcome for the FOMC.  Expectations for a 25bp cut at today\u2019s meeting have risen from 2% yesterday to 6% today, but the more significant change regards March.  Chances of a cut at that meeting leapt from 44% yesterday to 68% this morning.  Even allowing for the clear pattern of market expectations for rate cuts being rosier than the Fed\u2019s guidance, this is a big change in sentiment. <\/p>\n\n\n\n

To gauge how equity options markets are approaching today\u2019s FOMC announcement and press conference, we will use the S&P 500 Index (SPX) as a proxy.  At-money implied volatility for SPX options expiring this afternoon is about 2.09%, a number that has been rising steadily this morning.  The entire term structure of volatility is also elevated since yesterday:<\/p>\n\n\n\n

SPX Implied Volatility Term Structure, Today (yellow), Yesterday (orange)<\/em><\/strong><\/h3>\n\n\n\n
\"SPX<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Meanwhile, near-term skews are difficult to disentangle.  Skew for options expiring this week are still relatively flattish, though some downside risk aversion has crept in.<\/p>\n\n\n\n

SPX Skews, January 31st<\/sup> (a dot), February 1st<\/sup> (top lilac line), February 2nd<\/sup> (lower lilac line), February 15th<\/sup> (yellow)<\/em><\/strong><\/h3>\n\n\n\n
\"SPX<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Some risk aversion has also crept into the probability distributions for near-term options.  There is still a great area under the upside portion of the curve, but peak expectations have shifted to below the current index level.  For options expiring today, we see a peak expectation in the 4870-4875 region:<\/p>\n\n\n\n

IBKR Probability Lab for SPX Options Expiring January 31st<\/em><\/strong><\/h3>\n\n\n\n
\"IBKR<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

For options expiring tomorrow, that peak is 4865-4875:<\/p>\n\n\n\n

IBKR Probability Lab for SPX Options Expiring February 1st<\/em><\/strong><\/h3>\n\n\n\n
\"IBKR<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Meanwhile, the curve is almost completely symmetrical for options that expire after Friday\u2019s Employment Report, though the peak is in the current 4880-4885 range:<\/p>\n\n\n\n

IBKR Probability Lab for SPX Options Expiring February 2nd<\/sup><\/em><\/strong><\/h3>\n\n\n\n
\"IBKR<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

It appears that some risk aversion has crept into equities this morning.  Not as much as we see in the bond market of course \u2013 and perhaps the lower yields are providing support to stocks.  The real key will be how traders interpret Chair Powell\u2019s demeanor at this afternoon\u2019s press conference.  We\u2019ve noted his tendency<\/a> to put a positive spin on his message, or at least make comments that allow room to be interpreted in a positive manner.  Equities rose after six of the eight FOMC meetings that occurred in 2023, with rallies following the last two.  We\u2019ll be watching closely to see if the \u201cGoldilocks\u201d talk recurs, or if his message follows the less market-friendly tones<\/a> of his Fed peers.  Buckle up.<\/p>\n\n\n\n

\"1<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

—<\/p>\n\n\n\n

[i]<\/a> Remember, NYCB purchased Signature Bank\u2019s deposits after it failed about 10 months ago.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today’s FOMC announcement with a markedly different tone that what we\u2019ve seen in recent days. <\/p>\n","protected":false},"author":4,"featured_media":181848,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,6,19,8,9,26,3],"tags":[314,16281,1926],"contributors-categories":[13576],"class_list":{"0":"post-201864","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-options","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-fomc","15":"tag-option-market","16":"tag-options","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nOptions Market Expectations for Today\u2019s FOMC Meeting<\/title>\n<meta name=\"description\" content=\"Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/201864\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Options Market Expectations for Today\u2019s FOMC Meeting | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly different tone that what we\u2019ve seen in recent days.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T16:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-01T08:36:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\\\/\\\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"NewsArticle\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Steve Sosnick\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t },\n\t \"headline\": \"Options Market Expectations for Today\u2019s FOMC Meeting\",\n\t \"datePublished\": \"2024-01-31T16:15:00+00:00\",\n\t \"dateModified\": \"2024-02-01T08:36:10+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/\"\n\t },\n\t \"wordCount\": 996,\n\t \"commentCount\": 0,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/FOMC.jpg\",\n\t \"keywords\": [\n\t \"FOMC\",\n\t \"option market\",\n\t \"options\"\n\t ],\n\t \"articleSection\": [\n\t \"IBKR Insights\",\n\t \"North America\",\n\t \"Options\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Text Articles\",\n\t \"Traders' Insight\"\n\t ],\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/\",\n\t \"name\": \"Options Market Expectations for Today\u2019s FOMC Meeting | IBKR Campus US\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t },\n\t \"primaryImageOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/FOMC.jpg\",\n\t \"datePublished\": \"2024-01-31T16:15:00+00:00\",\n\t \"dateModified\": \"2024-02-01T08:36:10+00:00\",\n\t \"description\": \"Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly different tone that what we\u2019ve seen in recent days.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/options-market-expectations-for-todays-fomc-meeting\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/FOMC.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/FOMC.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563,\n\t \"caption\": \"FOMC Preview: Inflation Battle Requires Fed to Dig in Deeper\"\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"name\": \"IBKR Campus US\",\n\t \"description\": \"Financial Education from Interactive Brokers\",\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Organization\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t \"name\": \"Interactive Brokers\",\n\t \"alternateName\": \"IBKR\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"logo\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"width\": 669,\n\t \"height\": 669,\n\t \"caption\": \"Interactive Brokers\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t },\n\t \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t \"name\": \"Steve Sosnick\",\n\t \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t \"sameAs\": [\n\t \"https:\\\/\\\/ibkr.com\"\n\t ],\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Options Market Expectations for Today\u2019s FOMC Meeting","description":"Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/201864\/","og_locale":"en_US","og_type":"article","og_title":"Options Market Expectations for Today\u2019s FOMC Meeting | IBKR Campus US","og_description":"Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly different tone that what we\u2019ve seen in recent days.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/","og_site_name":"IBKR Campus US","article_published_time":"2024-01-31T16:15:00+00:00","article_modified_time":"2024-02-01T08:36:10+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Options Market Expectations for Today\u2019s FOMC Meeting","datePublished":"2024-01-31T16:15:00+00:00","dateModified":"2024-02-01T08:36:10+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/"},"wordCount":996,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg","keywords":["FOMC","option market","options"],"articleSection":["IBKR Insights","North America","Options","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/","name":"Options Market Expectations for Today\u2019s FOMC Meeting | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg","datePublished":"2024-01-31T16:15:00+00:00","dateModified":"2024-02-01T08:36:10+00:00","description":"Thanks to some disappointing tech earnings and a nasty surprise in a regional bank, markets are coming into today\u2019s FOMC announcement with a markedly different tone that what we\u2019ve seen in recent days.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/options-market-expectations-for-todays-fomc-meeting\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg","width":1000,"height":563,"caption":"FOMC Preview: Inflation Battle Requires Fed to Dig in Deeper"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/FOMC.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/201864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=201864"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/201864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/181848"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=201864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=201864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=201864"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=201864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}