DBS Bank FX strategist Philip Wee stated that Federal Reserve interest rate hikes do not guarantee a sustained upward cycle for the U.S. dollar, distinguishing the current environment from the U.S.-led tightening cycle of 2022. Wee characterized the Fed's moves as a catch-up measure aimed at addressing inflation risks and preventing energy price shocks from causing broader economic chain reactions. Persistent uncertainty in the U.S. Treasury market continues to dampen confidence, with firm yields on 10-year and 30-year bonds indicating unresolved battles over long-term borrowing costs. DBS Bank projects the U.S. Dollar Index (DXY) will remain range-bound between 96 and 102, consistent with trading levels established since mid-2025.