The traditional debt ceiling issue seems to be of greater concern this time around than in previous episodes, as the 1-year U.S. CDS exceeded 100 bps for the first time, while the difference between 1-month and 3-month Treasury yields reached nearly 2%.

The banking crisis in the US may not be over with deposits at U.S. commercial banks continuing to fall, hitting their lowest level since April 2021. Also, interesting timing for Apple to announce the launch of a savings account via a partnership with Goldman Sachs. Each week, the Syz investment team takes you through the last seven days in seven charts.

The possibility of a “technical default” by the US has been raised as the current debt limit for the US government, set by law, is expected to be hit sometime during the summer.

The major US equity indices ended mixed following a week while the Cboe Volatility Index (VIX), Wall Street’s so-called fear gauge, fell to its lowest level since late 2021. 88 S&P 500 Index companies had reported earnings as of Friday. Financials outperformed overall during the week despite a brief plunge in shares of Goldman Sachs after the investment banking giant missed consensus revenue estimates.

US inflation continues to decelerate, the Dow Jones rose for the fourth week in a row and US banks' requests for liquidity from the US Federal Reserve are down for the 4th consecutive week. Each week, the Syz investment team takes you through the last seven days in seven charts.

The sharp rise in global rates had a negative impact on the performance of credit indices

The Dow Jones was up for a 4th week in a row as investors weighed slowing growth signals against signs that inflation pressures were receding a bit more than expected. In the US, Materials and industrials shares outperformed while Technology lagged mainly due to NVIDIA decline. Banking giants JPMorgan Chase, Wells Fargo, and Citigroup kicked off Q1 earnings season. All three topped consensus estimates and brought some relief to investors.

Mixed signals on US employment data pushed yields lower!

US employment numbers in line with consensus expectations, US bank deposits are down again for 10th consecutive week with a knock-on effect for US bank loans, which are at a record low. Each week, the Syz investment team takes you through the last seven days in seven charts.

The major US equities indices were mostly lower over a holiday-shortened week that was characterized by light and choppy trading. Several important economic releases weighed on sentiment. On Monday, the ISM gauge of March factory activity fell back to a nearly three-year low. The ISM’s services sector gauge, released two days later, indicated that the services sector was still expanding, but at a significantly slower-than-expected pace.