Cap Prices Are Really Crazy, Right?

Last week, two year treasuries did not have any days where they hadn't swung at least 25 basis points. It was the longest stretch of 25 plus basis point movements ever. So put yourself in a trigger shoes during that timeframe, right? To the real estate borrower want to come buy a cap,. This trader says, okay, I've got to hedge this with two different components. Number one are interest rates and number two is volatility or if you want to sound really cool at a cocktail party, a ball, I'm so fancy.