Dollar index (DXY) slipped about 20 points in the short term; USD/JPY fell about 70 points.

Baosheng Group fixed-income analyst Afonso Borges said in a note that last week’s overtly hawkish Fed decision has flattened the U.S. Treasury yield curve, indicating improved Fed credibility is suppressing long-end yields. He said the move supports Baosheng’s preference for intermediate-duration assets. Borges added that, unlike typical post-global financial crisis tightening cycles, last week’s decision was not dovish, and that prior curve steepening had reflected market doubts about institutional credibility; the current reversal suggests the Fed’s willingness to tighten has eased those concerns, underpinning Baosheng’s overweight duration position concentrated in intermediate-maturity bonds.

Sept 23 — MOFCOM, the National Bureau of Statistics (NBS) and the State Administration of Foreign Exchange (SAFE) jointly published the 2025 Annual Statistical Bulletin on China's outward direct investment. The bulletin is presented in six sections — overview; ODI flows and stocks; direct investment in major global economies; composition of outward investors; composition of outward investment enterprises; and annexes — and reports aggregated 2025 statistics on China's outward direct investment.