<Michael J. Kramer> The Fed will be the main catalyst for markets this week, with Wednesday's rate decision creating the potential for a significant repricing across stocks, bonds, and volatility. With little economic data between now and the meeting to change expectations, the market will have few opportunities to resolve that uncertainty beforehand. That should push implied volatility higher and make it difficult for stocks to advance meaningfully into Wednesday afternoon. By 1:59 p.m. ET on Wednesday, there is a very good chance we could be looking at the VIX 1-Day trading around the 20 region, up sharply from 13 on Friday afternoon.