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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) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [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) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [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) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [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) - [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 30 Sep 2026 - - - #### France is likely to face even higher borrowing costs due to its degrading creditworthiness, warns Vanguard France now pays more to borrow than Italy. And Vanguard is warning the pressure could intensify. The $12 trillion asset manager sees deteriorating creditworthiness, political paralysis and an election that could bring further fiscal loosening. The bond market is already sending a message: 📈 French 10-year yields topped 4.8%, their highest since 2008. 📈 The spread over Germany briefly exceeded 120 basis points. 📈 France’s borrowing premium over Italy reached a record. Meanwhile, the deficit is expected to reach 5.5% of GDP this year. Next year’s planned debt issuance: a record €340 billion. Vanguard sees a German spread above 150 basis points as a strong possibility if public finances worsen. Some investors see a buying opportunity, arguing the risks are already priced in. But the central question remains: Can France restore fiscal credibility before markets demand an even higher price? Source: FT [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![France is likely to face even higher borrowing costs due to its degrading creditworthiness, warns Vanguard](https://blog.syzgroup.com/hubfs/1790769054884.jpg) ![France is likely to face even higher borrowing costs due to its degrading creditworthiness, warns Vanguard](https://blog.syzgroup.com/hubfs/1790769054884.jpg) 29 Sep 2026 - - - #### The longest duration Treasury bond ETF is now down 67% from its peak in March 2020. How is that possible? The 30-Year Treasury yield has moved from an all-time low of 0.8% in March 2020 up to 5.6% today. Long duration + Rising interest rates from all-time low levels = Pain Source: Charlie Bilello [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![The longest duration Treasury bond ETF is now down 67% from its peak in March 2020.](https://blog.syzgroup.com/hubfs/1790628893155.jpg) ![The longest duration Treasury bond ETF is now down 67% from its peak in March 2020.](https://blog.syzgroup.com/hubfs/1790628893155.jpg) 29 Sep 2026 - - - #### Jim Bianco turns bullish on bonds stating “I’m getting a big fat cushion for buying bonds at 5.2%” Source. Bloomberg, Coffee Capital [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![Jim Bianco turns bullish on bonds stating “I’m getting a big fat cushion for buying bonds at 5.2%”](https://blog.syzgroup.com/hubfs/1790629584061.jpg) ![Jim Bianco turns bullish on bonds stating “I’m getting a big fat cushion for buying bonds at 5.2%”](https://blog.syzgroup.com/hubfs/1790629584061.jpg) 29 Sep 2026 - - - #### Another day, another multi decade high for US bond yields Interestingly, US10Y, US20Y, and US30Y have all jumped by 40 bps on average ever since the Treasury Secretary said "I am the house now, bet against me if you dare" US10Y is now the highest since 2007. US20Y and US30Y are both the highest since 2002. Turns out the bond vigilantes took that dare. Source: Bull Theory [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![Another day, another multi decade high for US bond yields](https://blog.syzgroup.com/hubfs/1790628569999.jpg) ![Another day, another multi decade high for US bond yields](https://blog.syzgroup.com/hubfs/1790628569999.jpg) 25 Sep 2026 - - - #### US Treasury bond vol is spiking, dramatically decoupling from equity vol... (chart on the left) In fact bond vol is now higher than equity vol for the first time in a year ! (chart on the right) Source: zerohedge [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) ![US Treasury bond vol is spiking, dramatically decoupling from equity vol... (chart on the left) In fact bond vol is now higher than equity vol for the first time in a year ! (chart on the right)](https://blog.syzgroup.com/hubfs/1790312894829.jpg) ![US Treasury bond vol is spiking, dramatically decoupling from equity vol... (chart on the left) In fact bond vol is now higher than equity vol for the first time in a year ! (chart on the right)](https://blog.syzgroup.com/hubfs/1790312894829.jpg) 25 Sep 2026 - - - #### What is the impact of rising bond yields on stock returns? GS -\> It's the speed, not the level The important part is not the level of yields but how fast they are rising. A number of Goldman desks cited the same rule of thumb: equities begin to react when the 10-year makes a two-standard-deviation move, which works out to about 50bp over one month or 30bp over two weeks. The Goldman traders added that: "The 10yr is now up ~25bps in 2 weeks, and 35bps in the past month, so we are not far off." Source: GS, zerohedge [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![What is the impact of rising bond yields on stock returns?](https://blog.syzgroup.com/hubfs/1790280011644.jpg) ![What is the impact of rising bond yields on stock returns?](https://blog.syzgroup.com/hubfs/1790280011644.jpg) 25 Sep 2026 - - - #### The chart says it all: small caps are a "rates sucker". As 10-year yields rise, IWM keeps losing ground to QQQ. Source: LSEG Workspace, TME [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) ![The chart says it all: small caps are a ](https://blog.syzgroup.com/hubfs/1790284735771.jpg) ![The chart says it all: small caps are a ](https://blog.syzgroup.com/hubfs/1790284735771.jpg) 25 Sep 2026 - - - #### America’s debt problem is becoming a growth test. When Bill Clinton took office, gross federal debt was about 63% of GDP. The latest available reading is above 122%. Wars, tax cuts, financial crises, a pandemic and rising long-term spending all played a part. Now interest costs are adding to the bill. The CBO projects more than $1 trillion in net interest spending in 2026. So how does the US regain control? → Grow faster: lift productivity and remove barriers to investment. → Address long-term costs: make Social Security and Medicare sustainable. → Pay for new promises: fund spending increases and tax cuts instead of borrowing for them. The most appealing escape route is growth. AI could help deliver it. But can AI-driven productivity grow fast enough to outpace the debt and its interest bill? Or will the pressure to inflate that burden away keep rising? Source: Michel A.Arouet [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![America’s debt problem is becoming a growth test.](https://blog.syzgroup.com/hubfs/1790276533109.jpg) ![America’s debt problem is becoming a growth test.](https://blog.syzgroup.com/hubfs/1790276533109.jpg) [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/1) [1](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/1) [2](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/2) [3](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/3) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/67?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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