VIX exp is today at 9:30AM EST,
with 42% of total VIX contracts rolling off.
Positioning remains broadly the same with MM's still short calls, they'll just have about 1/2 the size.
Impacts are likely muted given vols tied to FOMC at 2PM.
VIX term structure showing as quite steep as short dated pre-JHOLE vol is smashed while longer dated holds a bid particularly +3 months out
VIX exp next week might start to free vol up