The Fed's Global Dollar Problem

``If the Fed sticks with its plan of raising rates more than a percentage point by the end of next year, the increased interest costs could stunt growth and weigh on borrowers' finances in places as far flung as the U.K. and China. It could also mean losses for investors holding the debt, particularly given that the duration of dollar-denominated bonds -- a measure of their price sensitivity to changes in interest rates -- is close to its highest point in at least two decades.''