--- title: S&P 500 set for best performance of the century description: "The S&P 500 is set to deliver its best performance of the 21st century, even as\nSeptember inflation in the U.S. jumps unexpectedly. Meanwhile, debit interest rates\nsoar past 23%, adding pressure to consumers.\nEach week, the Syz investment team takes you through the last seven days in\nseven charts." image: https://blog.syzgroup.com/hubfs/W7C_241014_cover.jpg --- [![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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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### S&P 500 set for best performance of the century The S&P 500 is set to deliver its best performance of the 21st century, even as September inflation in the U.S. jumps unexpectedly. Meanwhile, debit interest rates soar past 23%, adding pressure to consumers. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 10/14/2024** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file://fscap01/home$/awyneken/Desktop/Syz-Feature_WeekIn7Charts_241014.pdf) - - - - #### Chart #1 — ## **S&P 500 on track for the greatest performance of the 21st century**   The year is far from over, but as the blue line below shows, the S&P 500 has delivered the best annual performance of the 21st century so far. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-33-17-3966-AM.png?width=652&height=536&name=image-png-Oct-14-2024-09-33-17-3966-AM.png) *Source: The Daily Shot* --- #### Chart #2 — ## **US inflation for September surprises on the upside** The US inflation rate for September stood at 2.4% (year-on-year), slightly above consensus expectations (2.3%). Core inflation (i.e. excluding energy and inflation) was up in August at 3.3%, vs. 3.2% expected. For the first time since March 2023, core inflation is accelerating again. While lower energy prices are helping to bring inflation down, inflation components such as services (+4.7% year-on-year) and transport (+8.5%) remain high and sticky. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-34-00-7271-AM.png?width=770&height=469&name=image-png-Oct-14-2024-09-34-00-7271-AM.png) *Source: HolgerZ, Bloomberg* --- #### Chart #3 — ## **Debit interest rates over 23% in the USA**     Credit card interest rates in the USA reached 23.4% in August, a new record high. Over the past two years, rates have climbed by 7 percentage points. U.S. consumers now owe a record $1.36 trillion in credit cards and other revolving credit, meaning they pay a massive $318 billion in annual interest. To put that in perspective, Americans only paid half that amount in 2019, or about $160 billion. Meanwhile, serious delinquency rates on credit cards are at 7%, the highest level since 2011. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-34-52-5351-AM.png?width=708&height=422&name=image-png-Oct-14-2024-09-34-52-5351-AM.png) *Source: The Kobeissi Letter* --- #### Chart #4 — ## **A pyramid-shaped view of the financial system**   Exter's inverted risk pyramid classifies different financial instruments and asset classes according to their risk of default. The greatest risk of default: derivatives Lowest default risk: gold ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-35-34-4384-AM.png?width=781&height=781&name=image-png-Oct-14-2024-09-35-34-4384-AM.png) *Source: Ali C* --- #### Chart #5 — ## **No production increase in sight for silver** Although the price of silver is close to a 13-year high, production by the world's two largest producers of the metal has remained virtually unchanged. Silver production is still at the same level as in 2010. This clearly shows how limited marginal supply remains. According to Tavi Costa, this situation is likely to persist, given the limited capital invested in the development of new mines. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-42-10-1266-AM.png?width=940&height=693&name=image-png-Oct-14-2024-09-42-10-1266-AM.png) *Source: Bloomberg, Crescat Capital* --- #### Chart #6 — ## Big four audit firms control 99.7% of S&P 500 stocks S&P 500 companies paid no less than $5.3 billion in audit fees in fiscal 2022. But which accounting firm took the most out of this financial windfall? PricewaterhouseCoopers (PWC) claims the highest share of audit fees from S&P 500 companies, at $1.9 billion. Given that the firm has 152 clients within the index, this represents around $12.6 million in average revenue per relationship. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-43-30-8128-AM.png?width=651&height=809&name=image-png-Oct-14-2024-09-43-30-8128-AM.png) *Source: @meetblossomapp, Visual Capitalist*     --- #### Chart #7 — ## **The remarkable growth of the Chanel Group**   In 2023, the Chanel Group generated more revenue than Hermès and roughly the same amount as Kering and Richemont, equalling around $20 billion. The 114-year-old luxury giant is owned by the Wertheimer brothers, whose grandfather was a business partner of Coco Chanel. When asked about a possible IPO last year, CEO Leena Nair replied: “We will remain a private and independent company. There are always rumors circulating, but they are unfounded”. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-14-2024-09-44-24-6234-AM.png?width=712&height=906&name=image-png-Oct-14-2024-09-44-24-6234-AM.png) *Source: Quartr* --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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