复习一下2015年9月的美股 S&P futures didn’t sell off on Monday because there isn’t enough liquidity or because rock-bottom interest rates aren’t quite low enough; it’s a situation out of their control. In that, the current environment is starting to resemble the six months from August 2015 to February 2016, when the SPX executed two distinct swoons of 10% or more courtesy of Chinese currency volatility and European banking worries. So arguably whatever the Fed decides to hint or allude to on Wednesday will not be a significant driver of sentiment (barring significant shocks, of course.) One of the real keys will be whether the price action is sufficiently volatile to become a fundamental in and of itself. That comes in the form of risk reduction by vol targeting funds and/or selling from option dealers managing short gamma positions.