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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) #### [Central Banks Tread Lightly as Tariff Tensions Rattle Credit and Rates](https://blog.syzgroup.com/fast-food-for-thought/central-banks-tread-lightly-as-tariff-tensions-rattle-credit-and-rates) 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)** | 31/03/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Diverging Paths: Fed Stays Patient, Europe Reprices, and Japan Awakens](https://blog.syzgroup.com/fast-food-for-thought/diverging-paths-fed-stays-patient-europe-reprices-and-japan-awakens) Amid dovish signals from the Fed and an expected SNB rate cut, bond markets diverged —European yields surged on fiscal expansion, Japanese long bonds hit historic highs, and EM resilience was tested by political and inflationary shocks. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 26/03/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Fixed Income Faces Policy Crossroads: U.S. Credit Wobbles, Europe Stimulates, and Central Banks Hold Steady!](https://blog.syzgroup.com/fast-food-for-thought/fixed-income-faces-policy-crossroads-u.s.-credit-wobbles-europe-stimulates-and-central-banks-hold-steady) Rising policy uncertainty is shaking up global fixed income markets—U.S. high-yield spreads surpass Europe for the first time since 2021, German yields surge on fiscal expansion, and central banks face tough choices amid inflation risks and slowing growth **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 17/03/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Historic Yield Surge, ECB Cuts, and Global Rate Divergence: What’s Next for Bonds?](https://blog.syzgroup.com/fast-food-for-thought/historic-yield-surge-ecb-cuts-and-global-rate-divergence-whats-next-for-bonds) Global fixed income markets saw historic moves last week, with German yields posting their second-largest weekly surge on record, the ECB delivering another rate cut, and U.S. rate expectations shifting higher. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 10/03/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Bond Markets at a Crossroads: U.S. Treasuries Surge, UST-Bund Spread Collapses, and EM Faces New Risks!](https://blog.syzgroup.com/fast-food-for-thought/hbonds-rally-china-rebounds-and-rate-cut-uncertainty-looms) The fixed-income landscape is shifting as U.S. Treasury yields drop, the UST-Bund spread collapses, and EM credit markets navigate widening spreads and political risks—setting the stage for a crucial month of central bank decisions. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 04/03/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Bonds Rally, China Rebounds, and Rate Cut Uncertainty Looms!](https://blog.syzgroup.com/fast-food-for-thought/bonds-rally-china-rebounds-and-rate-cut-uncertainty-looms) Global fixed income markets remained volatile as Treasuries yields hit 2025 lows, ECB rate cut expectations waver, and China's bond yields spike, hinting at a potential economic rebound. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 24/02/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Markets Caught Between Inflation Surprises, Rate Cut Uncertainty, and Geopolitical Shifts!](https://blog.syzgroup.com/fast-food-for-thought/markets-caught-between-inflation-surprises-rate-cut-uncertainty-and-geopolitical-shifts) Stronger-than-expected U.S. inflation data briefly sent rate cut expectations tumbling before weak retail sales and PPI data reversed the move. Meanwhile, European bonds reacted to GDP surprises, while emerging markets saw sharp divergences—Ukrainian bonds rallied on peace talk hopes, but Mexican debt widened amid political tensions. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 18/02/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [U.S. Real Yields Soar as Trump’s Fiscal Reforms Take Center Stage—Can They Bring Rates Down?!](https://blog.syzgroup.com/fast-food-for-thought/u.s.-real-yields-soar-as-trumps-fiscal-reforms-take-center-stage-can-they-bring-rates-down) With long-term U.S. real yields hitting cycle highs near 2.5%, the Trump administration’s initiatives aim to restore fiscal credibility and lower borrowing costs—but execution risks remain high. Meanwhile, global central banks and markets react to inflation surprises, BOE rate cuts, and deepening trade tensions. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 10/02/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Tariffs, Rate Cuts, and Resilient Markets: January’s Fixed Income Shake-Up!](https://blog.syzgroup.com/fast-food-for-thought/tariffs-rate-cuts-and-resilient-markets-januarys-fixed-income-shake-up) January saw global bond markets rally despite Trump’s tariff shock, the Fed’s cautious stance, and the ECB’s fifth rate cut—while EM bonds outperformed, fueled by easing U.S. rates and strong technicals. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 03/02/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Rising Political Tensions Test Bond Markets as BoJ Makes Historic Move!](https://blog.syzgroup.com/fast-food-for-thought/rising-political-tensions-test-bond-markets-as-boj-makes-historic-move) Markets navigate a complex landscape marked by the Bank of Japan's rate hike to 0.50%, Trump's forceful return to monetary policy debates, and European credit spreads reaching multi-year lows, setting the stage for heightened volatility ahead. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 27/01/2025 [❮](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/1) [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/3) ## **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) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/)