--- title: The 10-year Treasury yield hits a 19-year high description: Meanwhile, US earnings growth leaves the rest of the world behind. 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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) ### The 10-year Treasury yield hits a 19-year high 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/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, 09/28/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_260928.pdf?hsLang=en) - - - - #### Chart #1 —  ## The 10-year Treasury yield just surged above 5.20% for the first time in 19 years The US 10-year Treasury yield has climbed nearly 30 basis points in only two days, one of the sharpest bond selloffs in years. Yields were last at comparable levels in 2007, the year the US economy slipped into the recession that ultimately turned into the Global Financial Crisis. There are clear drivers behind the move. September’s flash PMI reached a five-year high, inflationary pressures are building again and markets are pricing in a more hawkish Fed. Meanwhile, oil is hovering close to $100 and heavy government borrowing continues to weigh on the bond market. That is why the 5.20% level matters. The 10-year Treasury serves as the benchmark for mortgage rates, corporate borrowing costs and valuations across financial markets, so each further rise adds pressure to the entire financial system. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-07-17-54-2812-AM.png?width=471&height=568&name=image-png-Sep-28-2026-07-17-54-2812-AM.png) Source: Bull Theory --- #### Chart #2 —  ## The gap between US earnings growth and the rest of the world has never been wider Since 1990, US corporate earnings have increased by almost +1,300%, compared with a +500% rise for companies outside the US over the same period. US earnings growth has therefore been 2.6 times that of the rest of the world. Over the same span, profit growth outside the US was broadly flat between 2008 and 2025. The US economy stands apart. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-07-19-22-3336-AM.png?width=802&height=609&name=image-png-Sep-28-2026-07-19-22-3336-AM.png)Source: The Kobeissi Letter --- #### Chart #3 —  ## America’s debt problem is becoming a growth test Gross federal debt stood at roughly 63% of GDP when Bill Clinton entered office. The most recent figure exceeds 122%. Wars, tax cuts, financial crises, a pandemic and mounting long-term spending have all contributed. Interest costs are now adding to the total, with the CBO projecting net interest outlays of more than $1tn in 2026. How then can the US regain control? → Faster growth: raise productivity and lower the barriers to investment. → Long-term costs: put Social Security and Medicare on a sustainable footing. → Funding new commitments: pay for spending increases and tax cuts rather than borrowing to finance them. Growth is the most attractive way out, and AI may help provide it. The question is whether AI-driven productivity gains can outpace the debt and its interest costs, or whether the temptation to inflate the burden away will keep growing. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-08-43-05-9843-AM.png?width=1004&height=669&name=image-png-Sep-28-2026-08-43-05-9843-AM.png) Source: Michel A.Arouet --- #### Chart #4 —  ## China has spent a record amount on gold imports this year  China imported over 1,000 tonnes of gold in the first eight months of 2026, at a record cost of $158.8bn, already well above the $96.5bn spent over the whole of 2025. The demand is not limited to the central bank. With a weak property market, subdued equities and low bond yields, Chinese households and investors are turning to gold as a store of wealth that does not depend on any issuer’s promise to pay. At the same time, China’s holdings of US Treasuries dropped to $618bn in July, the lowest since 2008.   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-08-44-33-5940-AM.png?width=761&height=544&name=image-png-Sep-28-2026-08-44-33-5940-AM.png) Source: FT     --- #### Chart #5 —  ## The iPhone got 6.3% more expensive this year. In gold terms, it actually got cheaper Priced in gold, the 1 TB iPhone 18 Pro Max costs 0.38 ounces, less than half the 0.92 ounces required for the first model in 2007. This year also marks the 20th edition of both the iPhone and the *In Gold We Trust Report.*   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-08-45-05-4287-AM.png?width=846&height=556&name=image-png-Sep-28-2026-08-45-05-4287-AM.png) Source: In Gold We Trust --- #### Chart #6 — ## Artificial thought may be getting cheaper faster than any transformative technology in history AI costs are declining faster than those of any previous transformative technology. For a given level of performance, prices have dropped by around 47% per quarter since 2023. This pace is four times faster than DNA sequencing, six times faster than computing, 18 times faster than lithium batteries and, through 1973, 54 times faster than electricity. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-08-45-38-8106-AM.png?width=1035&height=1001&name=image-png-Sep-28-2026-08-45-38-8106-AM.png) Source: Epoch AI --- #### Chart #7 —  ## Trump’s net worth hit $7bn in 2026 According to Forbes data, this is three times its level in early 2024. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Sep-28-2026-08-46-08-5588-AM.png?width=1004&height=632&name=image-png-Sep-28-2026-08-46-08-5588-AM.png) Source: Steve Rattner --- #### 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) #### [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) 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 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [How does the S&P 500 perform when the Fed starts hiking?](https://blog.syzgroup.com/fast-food-for-thought/how-does-the-sp-500-perform-when-the-fed-starts-hiking?hsLang=en) Meanwhile, bond yields are rising across major markets. 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)** | 21/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Bond market vs US Treasury: who will yield?](https://blog.syzgroup.com/fast-food-for-thought/bond-market-vs-us-treasury-who-will-yield?hsLang=en) Nothing seems to curb the 10-year Treasury yield’s rise. Meanwhile, Japan’s currency defense is drying up it’s FX reserves and the S&P 500 is hiding something important. 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)** | 14/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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