Fed days are always interesting, though not always smooth trading sessions. With a deluge of earnings-related news from yesterday and this morning, an already-busy day will get even busier at 2:00 PM est this afternoon when the Fed makes its interest rate decision (75bps is expected), and Powell holds his press conference. We've already adjusted up/out the QQQ and SPY hedges, but we will hold off managing other trades until closer to 3:00 PM est (if necessary) to let the announcement get digested and let the market figure out direction. Sizing down can be a good approach on Fed days to help prevent getting spun around and chopped up, but sticking to targets and stops is important regardless of the position sizing.