Should I adjust position size before Fed chair Jerome Powell says he will stay on as Govenor after term amid legal pressure?

With VIX likely elevated or spiking into the Powell announcement adjust your iron condor size down 30-50 percent from normal. Higher implied volatility inflates premium but also widens expected move and gamma risk around the event. Under ALVH rules stay inside the 16-delta short strike zone on both sides and keep wing width at least 40-50 points on SPX to give yourself breathing room if the reaction is violent.

Do not increase size chasing the richer credit. Powell staying on removes one tail risk but markets will still price the immediate press-conference volatility and any dot-plot or guidance surprises. Position size should reflect the current VIX regime first, then the specific event risk. Scale back now, monitor the first 30-minute reaction, then decide whether to add to the reduced position or roll wings if the condor is tested. Keep risk per trade under 1 percent of portfolio until the post-Fed dust settles.