Today, a 2-year swap rate (written on a 6-month Libor rate) is quoted at 2.23%-2.34%. You expect a rise in interest rates so you decide today to enter into a 2-year payer swap (pay the fixed rate and receive the floating rate).Few minutes after entering into the swap, interest rates fall and the 2-year swap rate is quoted at 1.55%-1.78%

Questions:

1.
What would you do?
2.
What is your P&L?