This is the stock set-up on the Fender MIJ Offset Tele, which has a P90 in the neck position and a Tele pickup in the bridge position. You're looking at the volume pot. I think the component wired in here is to enhance high frequencies/trebles? There is a P90 in the neck position and it's too "warm" for me, so I'm going to replace the electronics entirely and see how that goes. (I will change to a 500k volume pot, a No-Load tone pot, and a .015uF capacitor.) But, I would like to know what Fender's intention was with this wired in cap/resistor? If the intent was to preserve/enhance trebles, the effect didn't do it to my taste.