--- title: Slow food for thought | Gaël Fichan description: Head Fixed Income & Senior Portfolio Manager --- [![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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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## **Slow food** for thought Insights and research on global events shaping the markets - [All](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) - [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thought/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thought/tag/market-outlook) [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [The week the safe haven cracked: US Treasuries’ worst collapse since 2001](https://blog.syzgroup.com/slow-food-for-thought/the-week-the-safe-haven-cracked-us-treasuries-worst-collapse-since-2001) Between 4 April and 11 April 2025, the US Treasury market experienced its worst weekly selloff in over two decades. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 15/04/2025 [geopolitics](https://blog.syzgroup.com/slow-food-for-thought/tag/geopolitics) #### [Post-election U.S.](https://blog.syzgroup.com/slow-food-for-thought/post-election-u.s) Treasury scenarios for 2025: fiscal policy, inflation, and yield projection **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 08/11/2024 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Alert: US bonds in turmoil what’s really at play?](https://blog.syzgroup.com/slow-food-for-thought/alert-us-bonds-in-turmoil-whats-really-at-play) The final countdown has begun with only two weeks left until the 2024 U.S. presidential election, and people are all in on the betting markets. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 25/10/2024 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Mexico: a golden opportunity for fixed income investors?](https://blog.syzgroup.com/slow-food-for-thought/mexico-a-golden-opportunity-for-fixed-income-investors) The recent presidential elections in Mexico, held on June 2, 2024, have created both uncertainty and opportunity in the bond market. Despite short-term volatility, there is a strong case for increasing exposure to Mexican sovereign bonds in local currency. Mexico benefits from a strong relationship with the United States and structural shifts like nearshoring, making it a promising landscape for fixed income investments. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 07/06/2024 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Fixed income in Japan: Lost in translation](https://blog.syzgroup.com/slow-food-for-thought/fixed-income-in-japan-lost-in-translation) As financial markets brace for the release of Japan’s April 2024 Core Consumer Price Index (CPI), expected to slow to 2.4% from March’s 2.9%, the Bank of Japan (BoJ) stands at a pivotal junction. This forthcoming data, a stark contrast to the peak of 4.3% in July 2023, highlights the complexity of the BoJ’s monetary policy landscape amid a significantly depreciated yen. The continued weakness of the yen, despite ending the world’s only negative interest rate policy in March, underscores the profound challenges the BoJ faces. This focus explores the strategic manoeuvres within the larger context of global economic pressures, examining the implications of potential policy shifts not just for Japan, but for the broader global fixed income markets. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 24/05/2024 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Unlocking value: Treasury Inflation-Protected Securities (TIPS)](https://blog.syzgroup.com/slow-food-for-thought/unlocking-value-treasury-inflation-protected-securities-tips) U.S. Treasury Inflation-Protected Securities, or TIPS, stand out as a distinctive class of U.S. government bonds meticulously crafted to shield investors from the corrosive effects of inflation. While the value of traditional bonds gradually erodes due to inflation, TIPS promise a different path. Their value adjusts in harmony with the Consumer Price Index (CPI). **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 13/10/2023 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Navigating the storm: The recent sharp sell-off in US Treasuries](https://blog.syzgroup.com/slow-food-for-thought/navigating-the-storm-the-recent-sharp-sell-off-in-us-treasuries) An opportunity or a threat? The US Treasuries market presents both challenges and opportunities for investors. Focusing on the belly of the yield curve offers attractive entry points with historically high real yields. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 08/08/2023 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Should we still be in love with the CoCos?](https://blog.syzgroup.com/slow-food-for-thought/should-we-still-be-in-love-with-the-cocos) The UBS/Credit Suisse affair has caused the AT1/CoCo bond markets to struggle By tightening their monetary policy sharply and rapidly, central banks have highlighted certain weaknesses in our financial system: insufficient risk coverage, liquidity problems, lack of business diversification, governance issues, and now uncertainties in the treatment of hybrid instruments. After the failure of some US regional banks, the UBS/Credit Suisse affair has shaken the financial world and more particularly the specialists of a specific bond segment which weighs about 250 billion dollars: Additional Tier 1 bonds (AT1) and/or Contingent Convertible bonds (CoCos). **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 22/03/2023 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [ECB: do not miss the train](https://blog.syzgroup.com/slow-food-for-thought/en/insights/ecb-do-not-miss-train) Like the FED last week, the ECB’s official statement met market expectations but the press conference suprised. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 04/02/2022 [Focus](https://blog.syzgroup.com/slow-food-for-thought/tag/focus) #### [Off times for Emerging Market Sovereign Bonds](https://blog.syzgroup.com/slow-food-for-thought/en/insights/times-emerging-market-sovereign-bonds) Instability in EMs means sovereign bonds are subject to pain in the short term. **[Gaël Fichan](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan)** | 20/01/2022 [1](https://blog.syzgroup.com/slow-food-for-thought/author/gaël-fichan/page/1) ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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