Federal Reserve’s Collins says tighter policy needed as inflation risk, 10s -5bp · Tue 22 Sep 2026

Treasuries (close 2026-09-21): 2s 4.76% (+0.0bp), 10s 4.96% (-5.0bp), 30s 5.29% (-5.0bp).

Tape (close 2026-09-21): VIX 14.87, 2s10s +20bp.

Narrative: United States Dollar Index gathers strength to near 100.50 on hawkish Fed signals

What mattered:

• Federal Reserve’s Collins says tighter policy needed as inflation risks rise

• Fed's Collins: A somewhat more restrictive federal funds rate will help ensure that inflation durably returns to target.

• Boston Fed's Susan Collins backed rate hike, expects another in 2026

• ECB’s Nagel says restrictive policy cannot be ruled out

• ECB's Nagel: I am not relaxed, core inflation is still too high