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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) - [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) - [Food for Thought](https://blog.syzgroup.com/fast-food-for-thought/tag/food-for-thought) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Monthly Market Review](https://blog.syzgroup.com/fast-food-for-thought/tag/monthly-market-review) - [Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/fixed-income) - [feature](https://blog.syzgroup.com/fast-food-for-thought/tag/feature) [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [ECB's Subtle Shift and U.S. Data Drive Yield Curve Changes Amid Disinflation!](https://blog.syzgroup.com/fast-food-for-thought/ecbs-subtle-shift-and-u.s.-data-drive-yield-curve-changes-amid-disinflation) This week's Fixed Income Weekly hones in on the ECB's steady policy with a slight nod towards future rate cuts and solid U.S. economic data, leading to a pronounced steepening in yield curves. These developments are fueled by declining inflation, underlining the resilience of economic trends in a shifting inflationary landscape. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 26/01/2024 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Central Banks' Challenge with Aggressive Rate Cut Projections!](https://blog.syzgroup.com/fast-food-for-thought/central-banks-challenge-with-aggressive-rate-cut-projections) This week, central banks globally face the intricate task of balancing market anticipations with their policy decisions, as they address the aggressive expectations for rate cuts amidst evolving economic landscapes. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 19/01/2024 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Short-term Rates Slide as Long-term Rates Find Their Footing!](https://blog.syzgroup.com/fast-food-for-thought/strategic-yield-curve-play-short-term-rates-slide-as-long-term-rates-find-their-footingjanuary-jolt-fixed-incomes-early-year-hangover-0) In this week's report, we delve into the intriguing dynamics of the US yield curve. A comforting US Producer Price Index (PPI) countering a slight rise in the Consumer Price Index (CPI) has pushed the US 2-year yield to its lowest since May 2023, while long-term interest rates demonstrate stability. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 15/01/2024 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [January Jolt: Fixed Income's Early-Year Hangover!](https://blog.syzgroup.com/fast-food-for-thought/january-jolt-fixed-incomes-early-year-hangover) 2024's first week veered from 2023's end-of-year bond rally to a sharp sell-off, as widening spreads and rising rates introduced a sobering start. This correction, following the potent rally since mid-October, alongside primary market activities pressuring spreads and rates, underscores the inherent volatility in fixed income markets and sets a cautious tone for January. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 05/01/2024 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Fixed Income's Festive Finale: A Strong Close to 2023!](https://blog.syzgroup.com/fast-food-for-thought/2023-the-definitive-year-of-carry-in-fixed-income-markets-0) The Bloomberg Global Aggregate Index, a barometer for the global fixed income market, has recorded its largest two-month gain ever, marking a significant turnaround. This rally concludes a challenging period, bringing a much-needed positive annual performance close to +6% after two consecutive years of declines. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 30/12/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [2023: The Definitive Year of Carry in Fixed Income Markets!](https://blog.syzgroup.com/fast-food-for-thought/2023-the-definitive-year-of-carry-in-fixed-income-markets) The journey through 2023 was an unexpected odyssey for fixed income markets, marked by challenges but ultimately culminating in positive performance after two negative years. Despite unchanged U.S. rates throughout the year, carry emerged as the pivotal component driving returns in rate strategies. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 22/12/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Game-Changer for Markets: Is the Fed's Dovish Pivot Premature?](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/game-changer-for-markets-is-the-feds-dovish-pivot-premature) The Federal Reserve's latest meeting signaled an anticipated 75 bp rate cut in 2024, driving the 10-year US Treasury yield below 4% from a recent 5% high. While markets have welcomed this dovish turn, it raises concerns about potentially reigniting inflationary pressures. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 15/12/2023 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Bond Market Resilient, but Clouds on the Horizon?](https://blog.syzgroup.com/fast-food-for-thought/https/blog.syzgroup.com/fast-food-for-thought/bond-market-resilient-but-clouds-on-the-horizon) In December, bond indexes are once again on the rise, extending the exceptional performance seen in November, despite a solid U.S. job report. While the end of the year seems to be proceeding smoothly, certain market events, such as the potential conclusion of the BOJ's negative interest rate policy, remain firmly in focus for 2024. **[Gaël Fichan](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-fichan)** | 08/12/2023 [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 [❮](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/13) [12](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/12) [13](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/13) [14](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/14) [15](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/15) [16](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/16) [❯](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/15) ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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