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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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[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 16 Sep 2026 - - - #### Foreign investors are now buying more U.S. Stocks than Treasuries, for only the 3rd time this century (Global Financial Crisis and Covid) Source: Barchart, FT [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Foreign investors are now buying more U.S. Stocks than Treasuries, for only the 3rd time this century (Global Financial Crisis and Covid)](https://blog.syzgroup.com/hubfs/1789536779378.jpg) ![Foreign investors are now buying more U.S. Stocks than Treasuries, for only the 3rd time this century (Global Financial Crisis and Covid)](https://blog.syzgroup.com/hubfs/1789536779378.jpg) 16 Sep 2026 - - - #### Every major government bond market is selling off at once. Japan's 10-year just hit 3% for the first time this century. US yields are the highest since 2007, the UK since 2008, Germany since 2011. Source: Kurt S. Altrichter, CRPS [#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) ![Every major government bond market is selling off at once.](https://blog.syzgroup.com/hubfs/1789536862952.jpg) ![Every major government bond market is selling off at once.](https://blog.syzgroup.com/hubfs/1789536862952.jpg) 16 Sep 2026 - - - #### Once the Fed starts tightening, it rarely stops after one move. Historically, hiking cycles persist for some time, with the 10-year yield generally rising by more than 100bp along the way. Judging by the history surveyed by DB’s Jim Reid, investors should brace for the 10-year to reach 6% before the Fed is done. Source. TME, DB [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![Once the Fed starts tightening, it rarely stops after one move.](https://blog.syzgroup.com/hubfs/1789537672067.jpg) ![Once the Fed starts tightening, it rarely stops after one move.](https://blog.syzgroup.com/hubfs/1789537672067.jpg) 16 Sep 2026 - - - #### Foreign demand for UST 20Y paper has collapsed as Indirects plunge to 52.5%, lowest on record. Source: zerohedge, 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) ![Foreign demand for UST 20Y paper has collapsed as Indirects plunge to 52.5%, lowest on record.](https://blog.syzgroup.com/hubfs/1789507130728.jpg) ![Foreign demand for UST 20Y paper has collapsed as Indirects plunge to 52.5%, lowest on record.](https://blog.syzgroup.com/hubfs/1789507130728.jpg) 15 Sep 2026 - - - #### The largest AI borrowers are not weak credits JPM estimates hyperscaler gross leverage at roughly 1.6x, around half that of the broader investment-grade universe. Leverage even fell quarter over quarter despite debt rising 92% YoY, while stronger cloud revenue and operating profits are beginning to provide evidence that AI investment is being monetized. The risk is therefore not that the strongest AI companies cannot borrow. It is that the scale of the buildout could require them to absorb a much larger share of available capital. JPM estimates roughly $5.5tn of AI and data-center investment from 2026 through 2030, with only around $1tn covered by organic cash generation. Approximately $2.1tn could come through high-grade bonds, with the remainder funded through equity, structured markets, leveraged finance and alternative capital. AI is increasingly a capital-markets story, not just a technology story. Source: JPM [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) ![The largest AI borrowers are not weak credits](https://blog.syzgroup.com/hubfs/1789449370354.jpg) ![The largest AI borrowers are not weak credits](https://blog.syzgroup.com/hubfs/1789449370354.jpg) 15 Sep 2026 - - - #### WILL THE FED'S EXPECTED RATE HIKE MAKE THE US DEBT PROBLEM EVEN WORSE ??? As 30-year Treasury yields surged above 5% in May 2026, the US government sharply increased its reliance on short term debt. Since July, over 75% of the increase in marketable Treasury debt has come from T-bills, versus just 18% in 2025. US now has a record $7.25 trillion in T-bills outstanding, all of which mature within a year and need to be constantly refinanced. But T-bill yields are already around 3.8-4%, and the Fed is now expected to hike another 25 bps on Wednesday. The Treasury escaped expensive long-term borrowing by leaning harder on short-term debt. Now that short-term debt is getting more expensive too. 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) ![WILL THE FED'S EXPECTED RATE HIKE MAKE THE US DEBT PROBLEM EVEN WORSE ???](https://blog.syzgroup.com/hubfs/1789449801831.jpg) ![WILL THE FED'S EXPECTED RATE HIKE MAKE THE US DEBT PROBLEM EVEN WORSE ???](https://blog.syzgroup.com/hubfs/1789449801831.jpg) 15 Sep 2026 - - - #### U.S. 10-Year Treasury Yield jumps above 5% for the first time since 2023 Source: Barchart [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![U.S. 10-Year Treasury Yield jumps above 5% for the first time since 2023](https://blog.syzgroup.com/hubfs/1789420472615-1.jpg) ![U.S. 10-Year Treasury Yield jumps above 5% for the first time since 2023](https://blog.syzgroup.com/hubfs/1789420472615-1.jpg) 14 Sep 2026 - - - #### USTs are by far having their worst performance in American history Source: Lukas Ekwueme [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![USTs are by far having their worst performance in American history](https://blog.syzgroup.com/hubfs/1789322233728.jpg) ![USTs are by far having their worst performance in American history](https://blog.syzgroup.com/hubfs/1789322233728.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/67?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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