Hypothesis: implied volatility has over-reacted to debt ceiling political badminton. Trade: sell volatility; in this case, sell straddles on 2-Year Treasury Note futures options Winning result: after the political deal is cut, IV returns to normal, and you repurchase the straddle for Much Less than you sold it. Profit! Losing result: IV goes higher and stays higher, for a longer time than you can tolerate the pain. Repurchase at a loss.