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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) #### [US credit extends its run while rates bounce up](https://blog.syzgroup.com/fast-food-for-thought/us-credit-extends-its-run-while-rates-bounce-up) Credit spreads tighten to new lows in the US, rates rise after the Fed **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 22/09/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Credit markets and EM debt keep marching higher](https://blog.syzgroup.com/fast-food-for-thought/credit-markets-and-em-debt-keep-marching-higher) Credit and EM spreads continue to tighten. The USD yield curve “twisted” last week while the ECB meeting pushed EUR rates higher across all maturities. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 16/09/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Bonds rise as another weak US job report cements Fed rate cut expectations](https://blog.syzgroup.com/fast-food-for-thought/bonds-rise-as-another-weak-us-job-report-cements-fed-rate-cut-expectations) US Treasury rates fell at the end of last week following the release of US employment data, as Fed’s rate cut expectations were revised. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 09/09/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Politics pushes long-term yields higher in the US and in France](https://blog.syzgroup.com/fast-food-for-thought/politics-pushes-long-term-yields-higher-in-the-us-and-in-france) The feud between President Trump and the Fed escalated further last week and France faces another episode of political instability. Long-term yields are rising on inflation and fiscal concerns, while credit and EM spreads widened. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 03/09/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Powell speech at Jackson Hole sparks bond rally](https://blog.syzgroup.com/fast-food-for-thought/powell-speech-at-jackson-hole-sparks-bond-rally) Jerome Powell’s speech in Jackson Hole led to a sudden drop in USD yields that fueled positive performance for sovereign bonds, but also credit and EM markets that continue to attract substantial inflows **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 27/08/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Higher yields and tighter spreads: the great rotation in Fixed Income markets?](https://blog.syzgroup.com/fast-food-for-thought/higher-yields-and-tighter-spreads-the-great-rotation-in-fixed-income-markets) Interest rates rise on inflation and public debt level concerns, while demand remains firm for corporate credit and EM bonds **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 19/08/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Bond markets are catching their breath following the US payrolls shock](https://blog.syzgroup.com/fast-food-for-thought/bond-markets-are-catching-their-breath-following-the-us-payrolls-shock) Interest rates bounce up after the post-US payroll drop, while credit market recover. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 13/08/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Tariffs rattle Credit markets, lower US Treasury yields lift IG returns](https://blog.syzgroup.com/fast-food-for-thought/tariffs-rattle-credit-markets-lower-us-treasury-yields-lift-ig-returns) Interest rates and credit spreads swung sharply following weak July payrolls and a wave of new tariffs, though many carve-outs and exemptions have softened the overall impact. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 05/08/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Credit spreads tighten further amid interest rate volatility](https://blog.syzgroup.com/fast-food-for-thought/credit-spreads-tighten-further-amid-interest-rate-volatility) Interest rates had a volatile week amid encouraging signs on trade negotiations, reassuring economic data, the ECB meeting and a general “Risk on” tone in financial markets that drove credit spreads even tighter. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 29/07/2025 [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) #### [Rates decline ahead of next tariffs’ deadline, despite rising inflation expectations in the US](https://blog.syzgroup.com/fast-food-for-thought/rates-decline-ahead-of-next-tariffs-deadline-despite-rising-inflation-expectations-in-the-us) Interest rates generally declined last week with renewed concerns around US tariffs dampening growth expectations, while inflation expectations continue to rise. Credit and EM markets held firm. **[Adrien Pichoud](https://blog.syzgroup.com/fast-food-for-thought/author/adrien-pichoud)** | 22/07/2025 [❮](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/5) [4](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/4) [5](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/5) [6](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/6) [7](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/7) [8](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/8) [❯](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income/page/7) ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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