The underlying market volatility driving today's move can be considered an opening act for the big show that begins tomorrow and runs through Friday. Unlike those days where we can point to obvious sources for market movement, today's move is most readily explained by the domestic market's relationship with European markets where economic data and headlines concerning a potential Greek debt deal caused European rates to jump. (The more it looks like Greece will get some sort of 'deal,' the higher rates go in the stable countries, and it's those countries that have the most direct effect on US rates).
So do we lock? Do we wait?
European influences notwithstanding, financial markets could simply be taking defensive positions ahead of the big ticket events. As we discussed yesterday, it's a high volatility environment. Risk outweighs reward when it comes to locking or floating here.
