A sudden jump in the dollar

Emerging markets, borrowed dollars at low rates previously, but rates are up.  Rush to safety, also emerging markets and Italy.  

The suddenness means the standard GDP trackers will be behind the curve a bit more than usual. We will get revisions down due to trade effects.

I doubt the taxpayers will pay much above 3%, so rates seem well adjusted now. We are likely only a half to three quarters a point safer than Europe. The dollar will pause, traders will re-think this.