The economic calendar is light today with the only data coming from the mortgage sector. Mortgage applications for the week ending December 2 bounced back from the previous week’s decline, rising 12.8%. This was driven by a 15% increase in refinance applications and an 8% jump in purchase apps.
It is not an exaggeration to state that the entire global financial community is watching and waiting for the results of the European financial summit scheduled for Friday. U.S. Treasury Secretary Geithner is meeting with leaders this week to help facilitate negotiations and solutions. Any reasonable solution/agreement will certainly cause a selloff in U.S. Treasuries (meaning interest rates will move higher) as investors begin allocating resources to more risky investments. Assuming said agreement is reached I suggest locking prior to Friday.
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