--- title: Fast food for thought | Gaël Fichan description: Head Fixed Income & Senior Portfolio Manager --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## **Fast food** for thought Insights and research on global events shaping the markets - [All](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thought/tag/flash) - [Global Markets Outlook](https://blog.syzgroup.com/fast-food-for-thought/tag/global-markets-outlook) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [From Pause to Pivot: Fixed Income Rallies on Easing Signals!](https://blog.syzgroup.com/fast-food-for-thought/from-pause-to-pivot-fixed-income-rallies-on-easing-signals) Central banks’ cautious shift toward easing has buoyed bonds and credit globally, even as pockets of risk linger. U.S. and European yields dipped on policy signals, credit spreads stayed near cycle lows, and emerging debt outperformed amid renewed inflows. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 23/06/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Oil Surge Adds Complexity to Central Bank Decisions](https://blog.syzgroup.com/fast-food-for-thought/oil-surge-adds-complexity-to-central-bank-decisions) As weakening core inflation clashes with a sudden 13% surge in oil due to Middle East tensions, central banks find themselves at a difficult crossroads—caught between easing hopes and renewed inflation pressure. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 16/06/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Rising Yields, Tighter Spreads!](https://blog.syzgroup.com/fast-food-for-thought/rising-yields-tighter-spreads) Robust U.S. job data drove global bond yields higher and curtailed market hopes for near-term rate cuts, yet credit spreads tightened as investors embraced risk, enabling most fixed income sectors to notch gains despite central banks’ cautious stance. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 10/06/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Bond Markets Rebound as Fed Holds Steady and Trade Tensions Ease](https://blog.syzgroup.com/fast-food-for-thought/bond-markets-rebound-as-fed-holds-steady-and-trade-tensions-ease) Global fixed income enjoyed a relief rally this week as cooling inflation data and a temporary reprieve on tariffs bolstered sentiment, while major central banks reaffirmed a patient, data-driven policy stance. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 02/06/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Fiscal Fears and Tariff Tensions Reprice the Curve as Markets Scale Back Fed Cuts](https://blog.syzgroup.com/fast-food-for-thought/fiscal-fears-and-tariff-tensions-reprice-the-curve-as-markets-scale-back-fed-cuts) Rate markets were shaken this week by rising concerns over U.S. fiscal discipline and renewed tariff threats, prompting a sharp adjustment in Fed rate cut expectations and putting long-end yields and credit under renewed pressure. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 26/05/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Global Yields Drift Higher as Central Banks Turn Cautious and Japan Breaks Out](https://blog.syzgroup.com/fast-food-for-thought/global-yields-drift-higher-as-central-banks-turn-cautious-and-japan-breaks-out) Long-end yields rose across developed markets, led by Japan’s 30-year breakout to a 25-year high, while cautious central bank messaging and supportive credit dynamics helped sustain risk appetite across fixed income. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 19/05/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Global Fixed Income Steadies as Japan’s 30-Year Yield Hits 25-Year High!](https://blog.syzgroup.com/fast-food-for-thought/global-fixed-income-steadies-as-japans-30-year-yield-hits-25-year-high) Global fixed income markets found stability last week amid easing U.S.–China trade tensions, while Japan's 30-year government bond yield surged to a 25-year high, reflecting shifting investor sentiment and inflation expectations. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 13/05/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Volatility Retreats, but Macro Crosswinds Keep Fixed Income in Check](https://blog.syzgroup.com/fast-food-for-thought/volatility-retreats-but-macro-crosswinds-keep-fixed-income-in-check) Falling volatility has supported a rebound in global fixed income markets, yet persistent macro uncertainty—centered on trade tensions, political interference, and diverging policy paths—continues to cloud the outlook. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 29/04/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Fixed Income Steadies as Markets Digest Tariffs, Central Bank Shifts](https://blog.syzgroup.com/fast-food-for-thought/fixed-income-steadies-as-markets-digest-tariffs-central-bank-shifts) After weeks of volatility, global fixed income markets stabilized, supported by easing yields and central bank signals, while regional divergences and trade policy developments continue to shape investor sentiment. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 22/04/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Volatility Returns: Basis Trade Blowup Exposes Cracks in the Treasury Market](https://blog.syzgroup.com/fast-food-for-thought/volatility-returns-basis-trade-blowup-exposes-cracks-in-the-treasury-market) Volatility returned across fixed income markets last week as soft economic data, rising inflation expectations, and looming U.S. tariffs forced central banks into cautious mode — with rate expectations shifting, credit spreads widening, and high yield flashing early signs of stress. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 14/04/2025 [1](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/1) [2](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/2) [3](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/3) [4](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/4) [5](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/5) [❯](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/2) ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - 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