High-impact (FOMC, CPI, NFP)

Reduce positions 30 min before. First 5-min reaction often retraces 50%. Wait for 9:35-10:00 settled level.

Medium-impact (PCE, retail sales)

Tighten stops. Headline can spike intraday vol. Watch for fed-speaker follow-ups same week.

Setup play: pre-CPI hedges

5-day pre-CPI: buy 1-week SPY straddle when IV percentile <30. Avg post-CPI move was 1.4%.