### Comment:
What if the fed doesn't cut rates

### REPLY:
Then you cover your short vol position and have still made money off of the contango drag between now and then.  It's the easiest trade in the world. 
  
 &amp;#x200B; 
  
 That said, there is literally ZERO chance they don't cut.  Worst case scenario would be something like a 15bps cut rather than 25bps.

### END.