Watch Rates Go…….

With no economic reports to move the markets today, stocks and bonds are uneventful. Stocks continue to bask in the glory near their all-time highs, and bonds are hovering at the same level last seen around mid-May of this year; meaning interest rates were at their respective high of the year. While the last 3 days are giving the lower interest rate hopefuls a sign of a potential reversal, it may just be a breather in anticipation of next week’s FOMC meeting which could spark the continual move higher in rates. While we hope for rates to move lower, we can’t ignore the prevailing trend which has been higher. We will maintain a locking bias.