Market remained largely unchanged ahead of the Federal Reserve's interest rate announcement, with S&P, NASDAQ, Russell, and Dow showing minimal movement. Volatility indicators suggest a potential grind before significant action occurs following the Fed decision.

Despite expectations of interest rate cuts, bonds and notes traded lower, contradicting their typical inverse relationship with rates. Bitcoin dipped to $62,000 while Ethereum held steady.

For investors concerned about hedging long delta portfolios against sudden market drops, futures contracts offer the most capital-effective solution. Experts recommend under-hedging (25-50%) rather than attempting to fully neutralize positions.

Trading activity on Fed meeting days typically shows less volatility compression than normal, suggesting traders should consider reducing position sizes and taking quicker profits during these events.