Inflation remains sticky above 3%, and the Fed minutes revealed a "hawkish tilt" with some members discussing hikes. The market is pricing in cuts that the data does not justify. If the Fed holds or hikes while other central banks cut, yield differentials will drive the Dollar higher. Additionally, US "re-engagement" in geopolitics supports the currency. LONG USD. The Fed ignores inflation and cuts rates to support the labor market/growth.