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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) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [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 2 Oct 2026 - - - #### Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating. That's France this afternoon: just one notch away from "junk bond" territory. Source: Stephane Deo [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating.](https://blog.syzgroup.com/hubfs/1790918776079.jpg) ![Given the relation between sovereign's rating and spreads to Germany, a spread of 135bp would be consistent with a BBB- rating.](https://blog.syzgroup.com/hubfs/1790918776079.jpg) 1 Oct 2026 - - - #### The US Bond Market has now been in a drawdown for over 6 years (74 months), by far the longest in history. Source: Charlie Bilello [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![The US Bond Market has now been in a drawdown for over 6 years (74 months), by far the longest in history.](https://blog.syzgroup.com/hubfs/1790801343418.jpg) ![The US Bond Market has now been in a drawdown for over 6 years (74 months), by far the longest in history.](https://blog.syzgroup.com/hubfs/1790801343418.jpg) 1 Oct 2026 - - - #### Another look at the "Aligator jaw" 10y UST yield (in blue) vs. oil (in red)" which took place yesterday... This was NOT expected Source: Sam Kovacs [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) ![Another look at the ](https://blog.syzgroup.com/hubfs/1790838829417.jpg) ![Another look at the ](https://blog.syzgroup.com/hubfs/1790838829417.jpg) 30 Sep 2026 - - - #### Another all-time high in the spread between French and Swiss 10-year yields. The spread is widening almost as fast as it did during the 2011 euro crisis. Source: Karel Mercx [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Another all-time high in the spread between French and Swiss 10-year yields.](https://blog.syzgroup.com/hubfs/1790715297403.jpg) ![Another all-time high in the spread between French and Swiss 10-year yields.](https://blog.syzgroup.com/hubfs/1790715297403.jpg) 30 Sep 2026 - - - #### US 10-year Treasury yield is up 54 basis points this month, the biggest monthly jump since October 2024. Source: Bull Theory [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![US 10-year Treasury yield is up 54 basis points this month, the biggest monthly jump since October 2024.](https://blog.syzgroup.com/hubfs/1790715816792.jpg) ![US 10-year Treasury yield is up 54 basis points this month, the biggest monthly jump since October 2024.](https://blog.syzgroup.com/hubfs/1790715816792.jpg) 30 Sep 2026 - - - #### A staggering $8.44 Trillion is now sitting in Money Market Funds, a new all-time high Source: Barchart [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) ![A staggering $8.44 Trillion is now sitting in Money Market Funds, a new all-time high](https://blog.syzgroup.com/hubfs/1790716526803.jpg) ![A staggering $8.44 Trillion is now sitting in Money Market Funds, a new all-time high](https://blog.syzgroup.com/hubfs/1790716526803.jpg) 30 Sep 2026 - - - #### "Bond Traders can stop panicking when the Fed starts panicking." NY Fed Pres John Williams speech yesterday (below) pushed the prob. of a down to hike to 44% (chart). ------------------------------------------------------ New Fed guidance: “There is no need for urgency.” John Williams, the vice chair of the FOMC, delivers notably precise pushback in guiding against an October rate hike that has been getting priced by investors. He lays out his base case: One more hike “may be appropriate late this year.” Here is the key passage from the NY Fed president’s prepared remarks on Tuesday afternoon: “With the policy action we took at our September meeting, there is no need for urgency, and we have time to gather more information. The accumulation of more data should provide greater clarity on the underlying trends in the economy and the associated risks to achieving our goals—and thereby the appropriate setting of monetary policy.” “If the economy evolves in a manner broadly consistent with my forecast, one further upward adjustment of the federal funds target range may be appropriate late this year to support a timelier return of inflation to target. But that is just my forecast, and time—and the totality of the data—will tell.” Source: Jim Bianco, Nick Timiraos [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![](https://blog.syzgroup.com/hubfs/1790746140666.jpg) ![](https://blog.syzgroup.com/hubfs/1790746140666.jpg) 30 Sep 2026 - - - #### Short positions are surging in Treasuries. Time for a squeeze? Source: Coffee Capital, 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) ![Short positions are surging in Treasuries.](https://blog.syzgroup.com/hubfs/1790746597378.jpg) ![Short positions are surging in Treasuries.](https://blog.syzgroup.com/hubfs/1790746597378.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/3) [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) [6](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/6) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/5) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/70?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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