The dollar entered late September with a Fed finally willing to act. On September 16 it raised rates to a 3.75% to 4.00% range, the first hike since 2023, backed by a 162,000 payrolls beat, retail sales up 1.2%, and firmer producer prices. Underneath, the picture split. Consumer sentiment sank to 47.8, housing weakened across the board, and the trade deficit widened. The dollar firmed for weeks, then struggled to extend once the hike landed.