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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 Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) - [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) - 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[russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [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) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [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 13 Dec 2023 - - - #### Monetary policy is now easing globally - and will ease much more in 2024/25 - at a time when fiscal deficits are far above the global financial crisis levels Source: BofA [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![Monetary policy is now easing globally - and will ease much more in 2024/25 - at a time when fiscal deficits are far above the global financial crisis levels](https://blog.syzgroup.com/hubfs/1702448594219.jpg) ![Monetary policy is now easing globally - and will ease much more in 2024/25 - at a time when fiscal deficits are far above the global financial crisis levels](https://blog.syzgroup.com/hubfs/1702448594219.jpg) 12 Dec 2023 - - - #### Too much, too fast? Markets is seeing the FED being the most aggressive in terms of rate cuts next year Source: DB, TME [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![Too much, too fast? Markets is seeing the FED being the most aggressive in terms of rate cuts next year](https://blog.syzgroup.com/hubfs/1702332663072.jpg) ![Too much, too fast? Markets is seeing the FED being the most aggressive in terms of rate cuts next year](https://blog.syzgroup.com/hubfs/1702332663072.jpg) 11 Dec 2023 - - - #### Gold rallying to 2k$ despite investors selling gold is remarkable. Is it all driven by central banks demand? Source: Michel A.Arouet, Bloomberg [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) ![Gold rallying to 2k$ despite investors selling gold is remarkable. Is it all driven by central banks demand?](https://blog.syzgroup.com/hubfs/1702304787632.jpg) ![Gold rallying to 2k$ despite investors selling gold is remarkable. Is it all driven by central banks demand?](https://blog.syzgroup.com/hubfs/1702304787632.jpg) 11 Dec 2023 - - - #### Losses at the Fed have now passed $125 billion Source: Win Smart, CFA [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![Losses at the Fed have now passed $125 billion](https://blog.syzgroup.com/hubfs/1702109342206.jpg) ![Losses at the Fed have now passed $125 billion](https://blog.syzgroup.com/hubfs/1702109342206.jpg) 8 Dec 2023 - - - #### Central banks are on pace to buy over 1,000 tons of gold again Despite the near-record annual purchases, it's worth noting that these institutions once held 80% of their balance sheet in gold Today, it's barely 20%. A return to the historical average of central banks holding 40% of their balance in gold could propel gold prices north of $3,000 based solely on that capital dynamic... Source: Tavi Costa, BofA [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) ![Central banks are on pace to buy over 1,000 tons of gold again](https://blog.syzgroup.com/hubfs/1701989312901.jpg) ![Central banks are on pace to buy over 1,000 tons of gold again](https://blog.syzgroup.com/hubfs/1701989312901.jpg) 7 Dec 2023 - - - #### The Federal Reserve lent out roughly $200B in overnight cash on Wednesday through its standing repo facility This is the highest amount since the onset of covid. What's going on? Is another repo crisis looming? Source: Win Smart, CFA [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![The Federal Reserve lent out roughly $200B in overnight cash on Wednesday through its standing repo facility](https://blog.syzgroup.com/hubfs/1701923373958.jpg) ![The Federal Reserve lent out roughly $200B in overnight cash on Wednesday through its standing repo facility](https://blog.syzgroup.com/hubfs/1701923373958.jpg) 6 Dec 2023 - - - #### Odds of rate cuts beginning as soon as January 2024 are rising quickly There is now a ~15% chance of rate cuts beginning next month. The base case shows a ~56% chance of rate cuts beginning in March 2024. Markets are currently expecting a total of FIVE 25 basis point rate cuts in 2024. Still, the Fed has yet to discuss the possibility of any rate cuts at all. Markets are fully bought in to the "Fed pivot." We believe that the economy will continue to slow down and that rate cuts will take place next year. However, a lot pof these cuts are already priced in. This could generate some volatility for bonds and stocks in case of disappoinment (aka macro data surprising on the upside). Source: The Kobeissi Letter [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![Odds of rate cuts beginning as soon as January 2024 are rising quickly](https://blog.syzgroup.com/hubfs/1701845838582.jpg) ![Odds of rate cuts beginning as soon as January 2024 are rising quickly](https://blog.syzgroup.com/hubfs/1701845838582.jpg) 6 Dec 2023 - - - #### Liquidity continue to matters for stocks Source: www.zerohedge.com, Bloomberg [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Liquidity continue to matters for stocks](https://blog.syzgroup.com/hubfs/1701814748402.jpg) ![Liquidity continue to matters for stocks](https://blog.syzgroup.com/hubfs/1701814748402.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/65) [64](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/64) [65](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/65) [66](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/66) [67](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/67) [68](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/68) [❯](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/67) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/central-banks/page/73?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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