The Warsh era is night and day different from the Powell era. We're less than half an hour away from when the Fed's rate decision, and there's still a ton of uncertainty on what they'll do. Typically this number would easily be above 90% this close to this decision, e.g. the decision was truly already baked into the market. This much uncertainty = that much more expected volatility later this afternoon. gl & godspeed(K A L E O)