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22 Oct 2024

Druckenmiller is shorting U.S. Treasuries with a record setting 20% of his portfolio.

He knows what's about to happen ("Interest rates could double from here.") Source: Financelot @FinanceLancelot on X

22 Oct 2024

A fascinating chart by James Bianco ->

The 10-year yield (blue) and Trump's Political Betting probabilities (orange). The chart starts the day Biden dropped out. Coincidence, or are these series related? If they are related, what happens to 10-year yields if the orange line (man) goes to 100 in 14 days? Source: Bianco Research

21 Oct 2024

The US Bond Market has now been in a drawdown for over 50 months, by far the longest in history.

Source: Charlie Bilello

17 Oct 2024

Mind the gap: Assets in US money market funds have hit a fresh ATH at $6.5tn, although the relevant Fed Funds Rates have fallen and are likely to fall further.

Note however that the "relative" figures (i.e money market funds AuMs as a % of total assets AuMs) currently stand at all-time low whereas equities weight is at all-time high... Source. Bloomberg, HolgerZ

14 Oct 2024

Investors sold the most amount of Treasury Bills in history this week

Source: Bank of America

26 Sep 2024

😱 The shocking chart of the day: The 5Y yield of Greek government bonds is now BELOW (!!!) the French ones 😱

🔊 French Prime Minister Michel Barnier announced his new government on Saturday, ending months of political uncertainty after snap elections left the country with a hung parliament. The new cabinet takes a noticeable shift to the right. But this announcement does not seem to convince markets. 🚨 Indeed, for the first time since 2007, the yield on French 10-year government bonds (2.95%) exceeded that of Spanish and Portuguese bonds. And for the first time ever, the French OAT 5Y yield is now ABOVE the 5y Greek government bonds yield. Meanwhile, the spread with the German Bund has widened to 82bps (vs. 50 at the beginning of June), and the risk of political instability accentuates this trend. 🔔 These are clear signals that markets doubt the French government's ability to reduce its public deficit. The latter stands at 5.5% of GDP in 2023, well above the EU's target of 3% by 2027. ⚠ France is just unable to convince and reassure people of its ability to maintain a budget and a sustainable financial situation in the medium to long term. Source: Bloomberg

10 Sep 2024

‼️THIS HAS NOT HAPPENED IN AT LEAST 35 YEARS‼️

The spread between the 2-year US government bonds and Fed's rates FELL to -1.686%, the most in over 3 decades. In other words, bond market expects the Fed to cut BIG in the next months. Question: Is the bond market too dovish? Or is the Fed too much behind the curve? Source: Global Markets Investor, Bloomberg

9 Sep 2024

The global bond rally has regained momentum due to econ concerns in the US and weak figures in the Eurozone.

Value of global bonds rose 0.3% this week to $69.29tn, almost a fresh ATH. Source: HolgerZ, Bloomberg

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