--- title: Syz The Moment (1240) description: Syz The Moment (1240) --- [![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 29 Sep 2023 - - - #### US Housing | The National Association of Realtors’ index of contract signings tumbled 7.1% to 71.8 from July, the group reported Thursday The decline was larger than all estimates in a Bloomberg survey of economists. \*US AUG. PENDING HOME SALES FALL 7.1% M/M; EST. DOWN 1% \*US AUG. PENDING HOME SALES FALL 18.8% FROM PREVIOUS YEAR Source: Bloomberg [#Real Estate|](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![US Housing | The National Association of Realtors’ index of contract signings tumbled 7.1% to 71.8 from July, the group reported Thursday](https://blog.syzgroup.com/hubfs/1695947164449.jpg) ![US Housing | The National Association of Realtors’ index of contract signings tumbled 7.1% to 71.8 from July, the group reported Thursday](https://blog.syzgroup.com/hubfs/1695947164449.jpg) 29 Sep 2023 - - [2OObps, for the 1st time since March w/Italy 10y yield on course to 5%&summary=Source: HolgerZ, Bloomberg&source=https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-1dfb5903' target="\_blank"\>](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.syzgroup.com/syz-the-moment/nestle-on-the-lower-end-of-the-channel-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-2-0-0-0-0-0-0-0-0-0-1-0-169-1dfb5903&submitted-image-url=https://25733253.fs1.hubspotusercontent-eu1.net/hubfs/25733253/1695920185774.jpg&title=Italy) - #### Italy's 10y risk spread over Germany rose \>2OObps, for the 1st time since March w/Italy 10y yield on course to 5% Source: HolgerZ, Bloomberg [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Italy's 10y risk spread over Germany rose \>2OObps, for the 1st time since March w/Italy 10y yield on course to 5%](https://blog.syzgroup.com/hubfs/1695920185774.jpg) ![Italy's 10y risk spread over Germany rose \>2OObps, for the 1st time since March w/Italy 10y yield on course to 5%](https://blog.syzgroup.com/hubfs/1695920185774.jpg) 29 Sep 2023 - - - #### Very strange to see the US spending like we are in a recession while calling for a "soft landing." As highlighted by The Kobeissi Letter, the US is now spending 44% of GDP per year, the same levels as World War 2. Deficit spending alone is a massive 6% of GDP per year. Since the debt ceiling crisis, the US has been borrowing ~$14 billion PER DAY to cover deficit spending. By 2033, Bloomberg projects deficit spending will be ~7% of GDP... Source: CBO, The Kobeissi Letter [#United States|](https://blog.syzgroup.com/syz-the-moment/tag/united-states) [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![Very strange to see the US spending like we are in a recession while calling for a ](https://blog.syzgroup.com/hubfs/1695893200999.jpg) ![Very strange to see the US spending like we are in a recession while calling for a ](https://blog.syzgroup.com/hubfs/1695893200999.jpg) 29 Sep 2023 - - - #### US 10 year yields keep rising in tandem with oil WTI oil now trades at $93.5/bbl. So is oil & inflation fears the only reason for bond yields to move upward? Probably not. The fact that real yields are also on the rise shows that inflation is not the only culprit. Investors are adjusting to the reality of rates staying high for longer than expected. They are also requesting positive real yield to get compensated for being invested in US treasuries at the time the US Treasury is issuing massive amount of debt while the FED keeps shrinking its balance sheet through QT. Source chart: Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![US 10 year yields keep rising in tandem with oil](https://blog.syzgroup.com/hubfs/1695893812814.jpg) ![US 10 year yields keep rising in tandem with oil](https://blog.syzgroup.com/hubfs/1695893812814.jpg) 29 Sep 2023 - - - #### The Total US Bond Market ETF now has a negative return over the last 7 years. $BND Source: Charlie Bilello [#ETF|](https://blog.syzgroup.com/syz-the-moment/tag/etf) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![The Total US Bond Market ETF now has a negative return over the last 7 years. $BND](https://blog.syzgroup.com/hubfs/1695894301642.jpg) ![The Total US Bond Market ETF now has a negative return over the last 7 years. $BND](https://blog.syzgroup.com/hubfs/1695894301642.jpg) 28 Sep 2023 - - - #### US HY: watch out for take-off! The disparity between cash and synthetic in High Yield (HY) has recently hit levels not witnessed since October 2022. While HY credit spreads in the cash bond market appear more resilient in response to the rapid increase in real rates, the CDX HY index, comprised of 5-year CDS of HY companies, has expanded by over 60 bps in just two weeks. The question now is, how long will this disconnect between the two markets persist? Source: Bloomberg #HighYield #CreditMarkets #Finance #Investing [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![US HY: watch out for take-off!](https://blog.syzgroup.com/hubfs/202309_US%20HY%20vs%20CDX.png) ![US HY: watch out for take-off!](https://blog.syzgroup.com/hubfs/202309_US%20HY%20vs%20CDX.png) 28 Sep 2023 - - - #### Bitcoin breakout ? Bitcoin (XBTUSD) is trying to breakout July downtrend resistance. Keep an eye at these levels. Source : Bloomberg [#technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) ![Bitcoin breakout ?](https://blog.syzgroup.com/hubfs/XBTUSD%204.png) ![Bitcoin breakout ?](https://blog.syzgroup.com/hubfs/XBTUSD%204.png) 28 Sep 2023 - - - #### As highlighted in a tweet by HolgerZ, the S&P 500 is running in tandem with the Fed net liquidity So it's not so much the peak or pause in rate hikes that matters, but rather what happens to the Fed balance sheet & reverse repo operations. Source: HolgerZ, Bloomberg [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![As highlighted in a tweet by HolgerZ, the S&P 500 is running in tandem with the Fed net liquidity](https://blog.syzgroup.com/hubfs/1695892766746.jpg) ![As highlighted in a tweet by HolgerZ, the S&P 500 is running in tandem with the Fed net liquidity](https://blog.syzgroup.com/hubfs/1695892766746.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/page/1239) [1238](https://blog.syzgroup.com/syz-the-moment/page/1238) [1239](https://blog.syzgroup.com/syz-the-moment/page/1239) [1240](https://blog.syzgroup.com/syz-the-moment/page/1240) [1241](https://blog.syzgroup.com/syz-the-moment/page/1241) [1242](https://blog.syzgroup.com/syz-the-moment/page/1242) [❯](https://blog.syzgroup.com/syz-the-moment/page/1241) [❯❯](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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