[DBS Bank: Fed Rate Hike May Not Signal a Strong Dollar Cycle] According to Jintou News, DBS Bank forex strategist Philip Wee pointed out that the Federal Reserve's decision to raise interest rates does not necessarily mean the U.S. dollar will enter a sustained upward trend. He stated: 'This is not the kind of U.S.-led rate hike cycle we saw in 2022.' He noted that the Fed's move is more about catching up with other major central banks to address inflation risks and prevent energy price shocks from triggering ripple effects throughout the economy (i.e., second- and third-order effects). Wee added that the U.S. Treasury market remains a key factor suppressing market confidence; the 10-year and 30-year Treasury yields remain resilient, indicating that the tug-of-war over long-term borrowing costs is still unresolved. DBS Bank expects the U.S. Dollar Index (DXY) to continue trading within the 96-102 range established since mid-2025.