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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 14 Sep 2026 - - - #### Something just broke in the French bond market. “Safe” bank bonds now yield less than French government debt. French 10-year covered bonds—secured by ring-fenced pools of mortgages—now offer a lower yield than 10-year sovereign bonds. In other words, markets are pricing a pool of French home loans as safer than the French state itself. Why? France’s public debt has reached 117% of GDP. The government plans a record €310 billion of bond issuance in 2026. Meanwhile, the 10-year yield spread over Germany has widened to 90 basis points—the highest since 2012. This is more than a technical distortion. When government bonds trade at a discount to the bank debt they ultimately backstop, investors are sending a clear message: The sovereign balance sheet has become the risk. Bond markets often discipline governments long before voters do. Source: Kurt S. Altrichter, CRPS [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Something just broke in the French bond market.](https://blog.syzgroup.com/hubfs/1789322938783.jpg) ![Something just broke in the French bond market.](https://blog.syzgroup.com/hubfs/1789322938783.jpg) 11 Sep 2026 - - - #### The 10-year T-Note yields 371bps over what has become a near non-existent S&P 500 dividend yield. The latter has dwindled to 1.08%. This is partly a function of bull market valuations and partly a function of the societal rise in buybacks. A 24-year wide here... Source: Jeff Weniger [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![The 10-year T-Note yields 371bps over what has become a near non-existent S&P 500 dividend yield.](https://blog.syzgroup.com/hubfs/1789019880272.jpg) ![The 10-year T-Note yields 371bps over what has become a near non-existent S&P 500 dividend yield.](https://blog.syzgroup.com/hubfs/1789019880272.jpg) 9 Sep 2026 - - - #### Junk bond spreads just dropped to 2.6%. Investors are getting paid almost nothing extra to hold the riskiest corporate debt in America. That is near the tightest level of the entire cycle. Credit always cracks before equities. So far so good. Source: Kurt S. Altrichter, CRPS® [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) ![Junk bond spreads just dropped to 2.6%.](https://blog.syzgroup.com/hubfs/1788897340488.jpg) ![Junk bond spreads just dropped to 2.6%.](https://blog.syzgroup.com/hubfs/1788897340488.jpg) 8 Sep 2026 - - - #### European Bonds Suffer the Most as Investors Fret About Energy and Elections Source: Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![European Bonds Suffer the Most as Investors Fret About Energy and Elections](https://blog.syzgroup.com/hubfs/1788810468631.jpg) ![European Bonds Suffer the Most as Investors Fret About Energy and Elections](https://blog.syzgroup.com/hubfs/1788810468631.jpg) 7 Sep 2026 - - - #### Junk bonds are pricing in perfection. High-yield spreads have fallen to just 2.66% above US Treasuries—close to their tightest level in years and roughly half the historical average. That leaves almost no margin for error. Yet the labor market is slowing, fiscal deficits remain near 6% of GDP, and economic risks are building. Credit markets often crack before equities notice. At a 2.66% spread, investors are receiving very little compensation for default and liquidity risk. If spreads widen, financial conditions could tighten quickly—and stocks may feel the impact soon after. Source: Kurt S. Altrichter, CRPS® [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![Junk bonds are pricing in perfection.](https://blog.syzgroup.com/hubfs/1788627361561.jpg) ![Junk bonds are pricing in perfection.](https://blog.syzgroup.com/hubfs/1788627361561.jpg) 7 Sep 2026 - - - #### The US Treasury could buy back over $34 BILLION of its own debt in September alone. This week alone carries up to $14.5 BILLION in capacity, with the program doubling in size on September 9. The 30-year yield sits near a 20-year high, with the government now spending over $1 TRILLION a year just on interest. Treasury Secretary Bessent insists the goal is liquidity, not controlling yields, saying "I have not bought anything yet." Source: coinbureau [#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 Treasury could buy back over $34 BILLION of its own debt in September alone.](https://blog.syzgroup.com/hubfs/1788697181853.jpg) ![The US Treasury could buy back over $34 BILLION of its own debt in September alone.](https://blog.syzgroup.com/hubfs/1788697181853.jpg) 4 Sep 2026 - - - #### The French 10-year bond yield reached 4.27% yesterday (Thursday) If this continues, the ECB will print many new colorful euros. The first euro crisis triggered by Greece was about hundreds of billions. France is about trillions (3.53 trillions euros to be precise). Source: Michel A.Arouet [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) ![The French 10-year bond yield reached 4.27% yesterday (Thursday)](https://blog.syzgroup.com/hubfs/1788501153413.jpg) ![The French 10-year bond yield reached 4.27% yesterday (Thursday)](https://blog.syzgroup.com/hubfs/1788501153413.jpg) 3 Sep 2026 - - - #### 3rd September could be a major test for the U.S. Treasury market. At 1:40 p.m. ET, the Treasury is scheduled to buy back up to $12.5 billion of its own debt. The market reaction will matter: If yields fall, the operation may be helping absorb some of the enormous supply hitting the market. If yields continue rising, the message could be more concerning: $12.5 billion may simply be too small relative to the amount of debt investors must absorb. This buyback is not just another Treasury operation. It is a live test of whether buybacks can meaningfully relieve pressure in the world’s most important bond market. Set your calendar: 1:40 p.m. ET. Source: Nic [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![3rd September could be a major test for the U.S. Treasury market.](https://blog.syzgroup.com/hubfs/1788414105401.jpg) ![3rd September could be a major test for the U.S. Treasury market.](https://blog.syzgroup.com/hubfs/1788414105401.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/4) [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) [7](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/7) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/6) [❯❯](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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