--- title: Fast food for thought | Gaël Fichan (9) description: Head Fixed Income & Senior Portfolio Manager (9) --- [![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) #### [An Exceptional November Propels Fixed Income Investments into Positive Territory in 2023!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/an-exceptional-november-propels-fixed-income-investments-into-positive-territory-in-2023) In November 2023, Global Aggregate bonds achieved their second-best performance in three decades, driven by lower growth expectations and reduced inflation. However, this outstanding performance is not without challenges, including persistent rate volatility, a deeply inverted yield curve, and a term premium in negative territory. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 01/12/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [A Calm Week in Fixed Income Amid Thanksgiving Break!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/a-calm-week-in-fixed-income-amid-thanksgiving-break) The past week in fixed income was marked by a notable reduction in volatility, attributed in part to the Thanksgiving break. While rates experienced a modest uptick, the high beta credit (including CoCo bonds) segment emerged as an outperformer. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 24/11/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Early Christmas Gifts for Fixed Income Investments!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/early-christmas-gifts-for-fixed-income-investments) Fixed income investments thrived this week, benefiting from the perfect cocktail of a larger-than-expected decline in US inflation and a significant deterioration in the job market, marked by higher-than-anticipated US initial jobless claims. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 17/11/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [The Fixed Income Market Balancing on a Delicate Edge!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/the-fixed-income-market-balancing-on-a-delicate-edge) The US fixed income market witnessed some volatility this week, fueled by both supply factors and comments from the Fed. The US Treasuries yield curve concluded the week flatter by 15bps, indicating that the fight against inflation is still not ”close” to being done! **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 10/11/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [A golden week for fixed income assets!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/a-golden-week-for-fixed-income-assets) The reduction of short-term uncertainties—Fed decisions, the Quarterly US Treasury issuance program, and the BoJ—alongside worsening US economic and job data, has swiftly taken the edge off the October yield surge! **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 03/11/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [ECB Hits the Brakes on Aggressive Rate Hikes as FED and BoJ Decisions Loom!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/ecb-hits-the-brakes-on-aggressive-rate-hikes-as-fed-and-boj-decisions-loom) In Europe, the ECB has taken a pause in its rate-hiking spree for the first time since July 2022. All eyes are now on the upcoming monetary policy decisions from the Fed and the BoJ next week. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 27/10/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Yield Surge Sparks Alarm in Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/yield-surge-sparks-alarm-in-fixed-income) Alarm bells are ringing in the world of fixed income as the 10-year nominal US Treasury yield skyrockets to 5%. This level hasn't been seen since July 2007, setting off concerns and reactions across financial markets. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 21/10/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Will stagflation make the headlines again?](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/will-stagflation-make-the-headlines-again) The escalation of geopolitical tensions has the potential to impact global inflation, while the current prevalence of restrictive monetary policies worldwide is anticipated to affect global growth in the coming months. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 13/10/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Real Rates Surge to Levels Unseen Since the GFC in 2008!](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/real-rates-surge-to-levels-unseen-since-the-gfc-in-2008) The current surge in long-term interest rates is predominantly propelled by real rates, strongly influenced by the synchronized reduction of balance sheets by most developed central banks. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 06/10/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Challenging Quarter's End for Fixed Income Investments](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/challenging-quarters-end-for-fixed-income-investments) The world of fixed income investments faced significant headwinds in Q3 2023, as reflected in a roughly 4% decline in the Bloomberg Global Aggregate Bond Index, a prominent benchmark in the global fixed income market. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 29/09/2023 [❮](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/8) [7](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/7) [8](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/8) [9](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/9) [10](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/10) [11](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/11) [❯](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan/page/10) ## **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/)