Chart warning:  

We’re approaching the good end of the most recent range, so we’re in full on go time. Locks have been strong, so we’ve been playing that hand for sure. We have a 5 year auction and Fed minutes today, so both are potential movers.  

Unless the minutes have some sort of embedded swerve or the 5 year auction is the best in history, our hard stop is around 2.32 so I recommend locking through that level. Conversely, if the minutes double down on the hawkish tone, I’d suggest it makes sense to lock on any tempered reaction for sure.

It’s a tougher decision on any big negative reaction.  The bottom line is that if you think about it for a minute, certainly any remaining February closings should be locked at these levels.