It is showing up now in Europe for sure.  The Markit PMIs in Europe and Germany are still positive, but still coming in below expectations.  It seems nuts that the Citi Economic Surprise Index in Europe is below where it was in early 2016 when the world was seemingly falling apart.  The bottom line is the economy is more mixed, and  I would be very surprised if the dollar didn’t rally a bit, and interest rate expectations eased with the more mixed data.

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