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Morning traders, the way we see the FED at the moment is that they are licking their lips and feeling more confident they can achieve the soft landing with their current forward guidance, so why change that? they don't want to mess that balance up by being too hawkish, so a 25bps hike is a done deal tonight and Powell's words, as usual, will have all the attention, yes of course he will NOT be dovish, he will reiterate the message that they are going to keep rates high for a while, but that's nothing new and the market is already seeing past that so if he doesn't go off script that will be seen as neutrally balanced and it will allow the current trends to keep going The S&P500 and BTC longs will be the two trades that will be impacted by tonight's event so remember to check that you haven't oversized the positions, the S&P500 longs are already running well so if you have to reduce your trade size in order to balance the risks better heading into the FOMC go ahead and do that

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