Low cost of optionality going into FOMC

Options are attractive

Barclays' great derivatives team: "Low option costs, consistent grind higher in equities, attractive option breakevens, markets near all-time highs and broadly stretched technicals make owning options attractive for directional trades, e.g. puts/collars for downside hedging and vanilla/appearing call spreads for equity replacement." Chart shows major index vols. Most are on the cheap side, especially in Europe.