DBS Group FX strategist Philip Wee said Fed rate hikes do not necessarily mark the start of a sustained dollar uptrend, and this is not a 2022-style U.S.-led tightening cycle. He said the Fed is largely catching up with other major central banks to contain inflation risk and to prevent energy-price shocks from triggering second- and third-order effects. Wee flagged the U.S. Treasury market as a key constraint on sentiment; 10-year and 30-year yields remain firm, indicating the dispute over long-

DBS Group FX strategist Philip Wee said Fed rate hikes do not necessarily mark the start of a sustained dollar uptrend, and this is not a 2022-style U.S.-led tightening cycle. He said the Fed is largely catching up with other major central banks to contain inflation risk and to prevent energy-price shocks from triggering second- and third-order effects. Wee flagged the U.S. Treasury market as a key constraint on sentiment; 10-year and 30-year yields remain firm, indicating the dispute over long-term borrowing costs is unresolved. DBS expects the dollar index (DXY) to trade within the 96–102 range formed since mid-2025.