According to Bloomberg, options traders across markets appear to be reducing their risk and bracing for more volatility just ahead of the highly contested and closely contested U.S. election. While markets were less volatile, equity options volatility rose for much of October as markets looked forward not only to the upcoming election, but also to earnings season and the Federal Reserve's interest rate decision. In the final days before the vote, the race between Kamala Harris and Donald Trump was unpredictable.