SPY S&P 500 ETF Options ahead of the FOMC decision

After the 2023 price target was reached:

Now Powell's likely to take a hawkish stance tomorrow, given the CPI, PPI, and GDP data.

Interest rate cuts probably won't happen before June, in my opinion, potentially causing both indices and the crypto market to decline.

I would consider purchasing the 489usd strike price Puts with
an expiration date of 2024-5-17,
for a premium of approximately $3.13.

My end of the year Price Target for SPY, the S&P 500 ETF, is $540.