The trajectory of long-term interest rates that began rising after the Fed's rate cut!

9/19Since the large-scale rate cuts in the United States were implemented, U.S. long-term interest rates have shown an unstoppable rise,3.60%rising from around the current vicinity to temporarily exceed4.10%the level (charts). Although attention tends to focus on policy rate movements,the FRB (Federal Reserve Board)continues its quantitative tightening policy(QT)even after rate cuts. When forecasting exchange rates, controlling the money supply is more important than the policy rate, so the focus was placed on the trajectory of QT to forecast the USD/JPY path.