$ZB_F options charge a 0.85 point day for the next 30 days against 0.56 points delivered. That is 13.17% implied on 8.73% realized. Today's 0.34 point drop came in at 0.41 times the priced day, under even the realized one. The Fed decides Oct 28, inside that window.

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Moves in $ZB_F have run 0.59 points a day over 30 days, while options charge for 0.91 points a day ahead. The 50 day point is the curve's high at 14.16%, and vol priced for day 30 to day 84 is 13.21%. Largest put open interest sits at the 103 strike, right at today's 103.00.