Markets dropped hard today after Powell's testimony to the Senate where he stated that inflationary pressures were running higher than expected and that policymakers were open to raising rates higher than earlier expectations. We're now seeing about 53% chance of a 50bps hike later this month which was previously at around a 10% chance.

Either way, we're continuing to watch how the options market is positioned which as of today looks to be a range of 3900-4200 on SPX.

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