Reading some bond research and there is talk of US dollar buying as emerging market bonds are sold off. The big trade in bonds this year (which has been championed by PIMCO and others) has been to by higher yielding bonds in places like Brazil. At the moment EM currencies and bonds are underperforming Treasuries. The notes says investors may not be prepared for USD strength and are actively hedging (buying USD). If the moves continue there could be a rush to the exits (more dollar buying). This is exactly what happened in 2008.