Should I adjust position size before FOMC Minutes?

Before FOMC Minutes, reduce your iron condor position size by 40-60%. The event reliably spikes implied volatility and widens SPX price swings, directly threatening your short strikes even when the spot price stays range-bound.

Current VIX level matters. If VIX sits above 18 heading into the release, cut size even further or simply sit out. The ALVH methodology flags this period as high-risk because the Average Likely Volatility Horizon expands dramatically around FOMC Minutes. Your normal 16-delta wings become effectively 10-delta or tighter in the post-release vol explosion, collapsing your risk-to-reward.

Manage wing width proactively by using at least 80-point wings on the SPX iron condor in the week of Minutes. Tighter wings force larger size reductions to keep defined risk tolerable. Enter or add to positions only after the Minutes are fully digested and VIX mean-reverts, typically the following session.

Rule of thumb: if you would not initiate a new iron condor with full size right now, then trim existing size before the release. Protecting capital ahead of known volatility events is the highest-edge decision you can make.