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Recently, the FOMC has led the market to adopt a defensive stance, with high-risk stocks such as small-cap stocks being sold off, mainly to manage expectations for the FOMC meeting, and the VIX is also rising.

Trading suggestion: After the FOMC meeting, hedged positions will decrease, thereby raising the prices of various underlying assets.

(Unless the FOMC meeting shatters the expectations for interest rate cuts at the end of December.