The surprising result of the British referendum has led to a spike in volatility across asset classes. While at first glance the US market looks to be insulated from these events, concerns that it could lead to an eventual collapse of the European Union, turmoil in financial markets and uncertainty about the business climate (thus pushing off projects and investments) were discussed incessantly. However, the results so far have been a sharp drop in interest rates, which should be good for business, auto and construction. The US dollar rallied sharply vs. the British pound and significantly against the euro, but relatively little against other currencies.