S&P Dep Receipts (SPY) IV up after Fed Chairman Powell comments

S&P Dep Receipts (NYSE: SPY) May weekly call option implied volatility is at 15, May is at 12; compared to its 52-week range of 9 to 32 after the FOMC kept its Fed Funds target rate steady today. Interest rate analysts reported, the market seemed to interpret comments by Fed Chairman Powell as an indication of a lower likelihood of a rate cut. US Equities sold off on the comments as all four major indexes closed lower and implied volatility in options increased.

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