⚖️💵Dollar Strengthen Relationship to Yields In September: Cable FX Macro

• The dollar-10-year yield link remains tight, rather than faded. Over the last 25 sessions, both series climbed together, the 10-year from the mid-4.60s toward 5.24–5.26—producing a levels correlation near +0.82 and a daily-change correlation around +0.42.

• The relationship has not strengthened much further from already-elevated readings, but it has not loosened either: dollar and long rates are still trading as one rates-and-USD bid rather than decoupling.

• In September, U.S. Treasury yields climbed to multi-year highs, reflecting persistent inflation concerns, shifting expectations around Federal Reserve policy, and heightened pressure across bond markets.