--- title: Syz The Moment (1207) description: Syz The Moment (1207) --- [![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. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 23 Oct 2023 - - - #### S&P 500 Index back on major support 4195 S&P 500 Index (SPX) is back on major support 4195. Keep an eye to see if it holds. Source : Bloomberg [#technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) ![S&P 500 Index back on major support 4195](https://blog.syzgroup.com/hubfs/SPX%20Index%206-1.png) ![S&P 500 Index back on major support 4195](https://blog.syzgroup.com/hubfs/SPX%20Index%206-1.png) 23 Oct 2023 - - - #### Fed Chair Jay Powell on why longer-term yields are moving higher: “It’s not apparently about expectations of higher inflation And it’s also not mainly about shorter term policy moves.” He probably has a point as #realyields are surging toward 2.5%, the highest since 2008. So what else can explain the surge in bond yields? Hints: 1) 1. A resilient economy — Q3 REAL GDP growth is expected to be around 3% annualized, well above trend growth of 1.5% to 2%, driven in large part by a resilient labor market and a strong consumer 2) Supply/demand imbalances — Given the growing U.S. fiscal deficit, the Treasury Department has been increasing its auction sizes for U.S. Treasury bills and notes. This year, the total amount of Treasuries issued in auctions is expected to climb to over $3 trillion, higher than at any year over the past decade (excluding 2020). This figure is expected to increase next year. Meanwhile, some of the natural demand for these bonds has moderated: The Fed is undertaking QT (reducing its holding of Treasuries by about $650 billion over the last year) and some foreign buyers, such as China, have slowly been reducing their holdings of U.S. Treasuries as well. Source: Lisa Ambramowitz, Bloomberg, Edward Jones [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![Fed Chair Jay Powell on why longer-term yields are moving higher: “It’s not apparently about expectations of higher inflation](https://blog.syzgroup.com/hubfs/1698040116247.jpg) ![Fed Chair Jay Powell on why longer-term yields are moving higher: “It’s not apparently about expectations of higher inflation](https://blog.syzgroup.com/hubfs/1698040116247.jpg) 23 Oct 2023 - - - #### This chart from Robin Brooks highlights what is curently happening at ECB level: QE for some and QT for others This was NOT supposed to happen. Remember: founding principle for the ECB is separation of monetary and fiscal policy. That's why ECB QE was initially subject to the capital key, so it couldn't favor one country over another. Could this last for ever? Source: Robin Brooks [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![This chart from Robin Brooks highlights what is curently happening at ECB level: QE for some and QT for others](https://blog.syzgroup.com/hubfs/1698038590537.jpg) ![This chart from Robin Brooks highlights what is curently happening at ECB level: QE for some and QT for others](https://blog.syzgroup.com/hubfs/1698038590537.jpg) 23 Oct 2023 - - - #### Wall Street biggest bear (BofA's Harnett) turns bullish as investors' sentiment turns extremely bearish (which is bullish from a contrarian perspective) Indeed, with the S&P down in five of the past seven weeks, BofA's Bull & Bear Indicator just printed at 1.9 (extreme bearish), which according to Hartnett means that a contrarian buy signal for risk assets has been triggered. [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![Wall Street biggest bear (BofA's Harnett) turns bullish as investors' sentiment turns extremely bearish (which is bullish from a contrarian perspective)](https://blog.syzgroup.com/hubfs/1698004775894.jpg) ![Wall Street biggest bear (BofA's Harnett) turns bullish as investors' sentiment turns extremely bearish (which is bullish from a contrarian perspective)](https://blog.syzgroup.com/hubfs/1698004775894.jpg) 23 Oct 2023 - - - #### Startups are increasingly shutting down Rising rates, lower liquidity and reduced risk appetite are hurting funding. Difficult business conditions are eroding viability further. Source: Markets & Mayhem [#Food for Thought|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![Startups are increasingly shutting down](https://blog.syzgroup.com/hubfs/1698004261012.jpg) ![Startups are increasingly shutting down](https://blog.syzgroup.com/hubfs/1698004261012.jpg) 23 Oct 2023 - - - #### Argentina's currency has lost 96% of its value vs the USD in the past decade In that period, the central bank has increased the monetary base by 2,046% to finance government political spending... Source: Bloomberg [#Forex|](https://blog.syzgroup.com/syz-the-moment/tag/forex) [#emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) ![Argentina's currency has lost 96% of its value vs the USD in the past decade](https://blog.syzgroup.com/hubfs/1698001369064.jpg) ![Argentina's currency has lost 96% of its value vs the USD in the past decade](https://blog.syzgroup.com/hubfs/1698001369064.jpg) 23 Oct 2023 - - - #### In case you missed it... Citigroup $C closed at its lowest price in more than 3.5 years Source: Barchart [#markets|](https://blog.syzgroup.com/syz-the-moment/tag/markets) [#banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) ![In case you missed it...](https://blog.syzgroup.com/hubfs/1697965865354.jpg) ![In case you missed it...](https://blog.syzgroup.com/hubfs/1697965865354.jpg) 23 Oct 2023 - - - #### The correlation was weaker in the 1980s/1990s, but starting after 2000, gold has historically done quite well whenever the Fed pauses or cuts Source: Lyn Alden [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) ![The correlation was weaker in the 1980s/1990s, but starting after 2000, gold has historically done quite well whenever the Fed pauses or cuts](https://blog.syzgroup.com/hubfs/1697924509070.jpg) ![The correlation was weaker in the 1980s/1990s, but starting after 2000, gold has historically done quite well whenever the Fed pauses or cuts](https://blog.syzgroup.com/hubfs/1697924509070.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/page/1206) [1205](https://blog.syzgroup.com/syz-the-moment/page/1205) [1206](https://blog.syzgroup.com/syz-the-moment/page/1206) [1207](https://blog.syzgroup.com/syz-the-moment/page/1207) [1208](https://blog.syzgroup.com/syz-the-moment/page/1208) [1209](https://blog.syzgroup.com/syz-the-moment/page/1209) [❯](https://blog.syzgroup.com/syz-the-moment/page/1208) [❯❯](https://blog.syzgroup.com/syz-the-moment/page/1250?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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