Data has been decent, but is showing signs of softness as the demand collapse in the rest of the world feeds into U.S. data.
The prime rate is the lowest rate at which money can be borrowed from commercial banks by non-banks. It typically tracks with the federal funds rate and is generally about 3% higher than the Federal Reserve's rate.
After recent liquidation, it seems the risk-reward is on the downside for the dollar and U.S. bonds.
To a great extent what is happening is just the normal ebb and flow of the market as interest rates rise.