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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.
That’s how much US debt is coming due this year. Every dollar borrowed since 2020… Now needs to be refinanced in 2026. Back then? Interest rates were basically zero. Today? They’re staring at 4.5%+. — This isn’t just a number. It’s a pressure cooker: • $8T rolling over at higher costs • Oil prices creating fresh uncertainty • Inflation picking up again • Growth slowing down — Same debt. Very different world. And here’s the real issue: The US doesn’t just have a debt problem… It has a refinancing problem. Because when trillions reset at higher rates, everything becomes more expensive — fast. — So what’s the priority? Keep bond yields low. At all costs. Because if yields spike… This $8 trillion wave turns into something much bigger. Source: Crypto Tice
This chart from BofA shows that the US economy has become more and more resilient to oil shocks over time. Source: Markets & Mayhem
The gap between Wall Street and Main Street has never been bigger: ➡️ Main Street: US consumer sentiment is down to 47.6 points, the lowest level in history. ➡️Wall Street: the S&P 500 is trading just 3% from its all-time high. ⚠️ Since the 2020 pandemic, consumer sentiment has fallen -50%. During the same period, the S&P 500 has rallied +205%. This comes as inflation, rising housing costs, and a weakening job market are increasingly squeezing the average American household. Meanwhile, 87% of all equities are held by the wealthiest 10% of households. Asset owners are the biggest winners in this economy. Source: The Kobeissi Letter, zerohedge
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