I see lots of unusually high kurtosis in stocks that I trade, about 200 of them. If you recall, the center of a probability distribution is the most likely outcome. Kurtosis measures the height of this curve. The taller the curve, the more likely the mean (percent) changes are likely to occur. This is probably obvious to most that trade, since all we have seen is the market go higher by relatively small percent changes for what seems like an eternity, generally leading to more peaked curves. If the risk neutral distribution has a much higher kurtosis than the real distribution, one possible trade is to sell OTM options (call and put) and buy ATM or near-the-money (NTM) options. So a long butterfly centered around the ATM would be a kurtosis trade if you believe this thesis, or short a butterfly if you don't (if you believe the curve will flatten), or no kurtosis trade at all if the real and risk neutral coincide. Do you risk it with four days to expiration and an FOMC day in between? Either way, the shape of the real distribution is probably flatter. There is an enormous amount of complacency in the market here, more than I can remember in years.