The dollar has surged against major currencies after the Federal Reserve's policy outlook was interpreted as less dovish than expected. The Bloomberg Dollar Spot Index rose as much as 0.4%, the biggest intraday gain in two weeks, as investors reduced bets on future interest-rate cuts.

Federal Reserve Chair Jerome Powell highlighted growing signs of weakness in the US labor market as a primary reason for the latest rate cut. Recent data showed job creation falling below the level needed to keep unemployment steady, with the unemployment rate edging up to 4.3%, the highest in nearly four years. Policymakers noted that downside risks to employment have increased, prompting a shift in the Fed's focus from inflation to supporting jobs.

Democratic leaders have introduced a funding bill to address the government shutdown threat, extending Affordable Care Act subsidies and reversing Medicaid cuts. The bill also restricts President Donald Trump's ability to reallocate funds without congressional approval. House Republicans had previously proposed a bill to extend the funding deadline, which they want a vote on by Friday.

The credit futures market is gaining traction among investors, with US contracts nearing $2.5 billion in open interest, according to a Crisil Coalition Greenwich study. The study finds that 85% of US, UK, and European credit investors are aware of credit futures and see them as beneficial for tactical asset allocation and hedging.

The increasing presence of alternative liquidity sources in the foreign exchange market is sparking debate about their role in market fragmentation, according to a panel at TradeTech FX. "The biggest single change that I've seen across the FX market in the last few years is this bifurcation of liquidity between primary markets and secondary markets and financial liquidity," says XTX Markets' Jeremy Smart.

Lloyd's of London has witnessed a notable resurgence in its traditional "Names" - wealthy individuals who personally back insurance policies. After nearly vanishing in the 1990s due to a crisis that led to the introduction of corporate capital, the number of private investors has rebounded. High net worth individuals now contribute £5 billion in capacity, nearly doubling from 2016.

MMSB Murmurs Rich investors are reviving Lloyd’s “Names,” betting personal wealth on risks from hurricanes to cyberattacks as a way to ride the insurance cycle.

It’s old-world finance meets new-world chaos, where aristocratic tradition now doubles as a hedge against the polycrisis. -- Matt

The SEC has approved rule changes that allow national securities exchanges to use generic listing standards for new spot cryptocurrency and other commodity ETFs. This decision marks a major shift from the previous case-by-case approval process and is expected to enable dozens of new spot crypto ETFs, including those tracking solana and dogecoin, to launch more quickly.

Joey, a South American capuchin monkey, has been safely returned after escaping from his habitat in Killian McLaughlin's back garden in County Donegal, Ireland. McLaughlin, founder of Wild Ireland Sanctuary, recaptured Joey with the help of local authorities.