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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 13 Oct 2023 - - - #### The gap between HYG (US High Yield) and the SPX (S&P 500) is getting wider and wider... Source: TME [#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 gap between HYG (US High Yield) and the SPX (S&P 500) is getting wider and wider...](https://blog.syzgroup.com/hubfs/1697144154293.jpg) ![The gap between HYG (US High Yield) and the SPX (S&P 500) is getting wider and wider...](https://blog.syzgroup.com/hubfs/1697144154293.jpg) 13 Oct 2023 - - - #### The Treasury Yield Curve has been steepening (i.e. uninverting) for 5 straight weeks, the longest streak in more than 25 years Source: DB, Barchart [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![The Treasury Yield Curve has been steepening (i.e. uninverting) for 5 straight weeks, the longest streak in more than 25 years](https://blog.syzgroup.com/hubfs/1697110876406.jpg) ![The Treasury Yield Curve has been steepening (i.e. uninverting) for 5 straight weeks, the longest streak in more than 25 years](https://blog.syzgroup.com/hubfs/1697110876406.jpg) 11 Oct 2023 - - - #### US 10-year Yield pullback from last week peak US 10-year Yield pullback sharply from last week peak. After the Non-Farm Payrolls report on Friday, the US 10-year Govt Yield came close to hitting 4.9%. As of today, that Yield is down below 4.6%. [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![US 10-year Yield pullback from last week peak](https://blog.syzgroup.com/hubfs/US%2010YR%202023-10-11%20151114.jpg) ![US 10-year Yield pullback from last week peak](https://blog.syzgroup.com/hubfs/US%2010YR%202023-10-11%20151114.jpg) 11 Oct 2023 - - - #### This is by far the longest bond bear market in history, at 38 months and counting... Source: Charlie Bilello [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) ![This is by far the longest bond bear market in history, at 38 months and counting...](https://blog.syzgroup.com/hubfs/1696971608434.jpg) ![This is by far the longest bond bear market in history, at 38 months and counting...](https://blog.syzgroup.com/hubfs/1696971608434.jpg) 11 Oct 2023 - - - #### Stars on X By: World of Statistics [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![Stars on X](https://blog.syzgroup.com/hubfs/1696880153442.jpg) ![Stars on X](https://blog.syzgroup.com/hubfs/1696880153442.jpg) 11 Oct 2023 - - - #### Vast majority on Wall Street think next 100bps move in 10Y yields is LOWER (and vast majority think the next 10% S&P 500 move will be LOWER) The Deutsche Bank October 2023 global financial market survey, conducted between the 3rd and 6th of October, had 410 responses from around the world. - 75% think the next 100bps move in US 10yr yields is lower (average yield 4.75% during the survey). A big turnaround from June’s results where a small majority expected 4.5% before 2.5% when we were halfway between the two. Well done to that small majority as it got there in just 3 months. - 72% think the next 10% move in the S&P 500 will be lower. Slightly less than in June. In March 76% thought the next 10% move would be up so a different mood to earlier this year. Source: DB [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![Vast majority on Wall Street think next 100bps move in 10Y yields is LOWER (and vast majority think the next 10% S&P 500 move will be LOWER)](https://blog.syzgroup.com/hubfs/1696878452072.jpg) ![Vast majority on Wall Street think next 100bps move in 10Y yields is LOWER (and vast majority think the next 10% S&P 500 move will be LOWER)](https://blog.syzgroup.com/hubfs/1696878452072.jpg) 11 Oct 2023 - - - #### The gap between returns in tech stocks and US Treasuries has widened significantly since June As bond prices continue to plummet but equities hold higher, this gap is getting larger. Source: BofA, The Kobeissi Letter [#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 gap between returns in tech stocks and US Treasuries has widened significantly since June](https://blog.syzgroup.com/hubfs/1696879965610.jpg) ![The gap between returns in tech stocks and US Treasuries has widened significantly since June](https://blog.syzgroup.com/hubfs/1696879965610.jpg) 10 Oct 2023 - - - #### One bond market is defying global selloff with mega returns As bond markets everywhere get battered by a cocktail of higher interest rates, deficit angst and hawkish central bankers, one class of debt instrument is handing creditors double-digit returns: catastrophe bonds. Because of the way the bonds are structured, their coupons keep going up as Treasury yields rise, and investors get a sizable risk premium on their capital, as long as catastrophe doesn’t hit. Source: SwissRe, Bloomberg [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![One bond market is defying global selloff with mega returns](https://blog.syzgroup.com/hubfs/CAT%20Bond.png) ![One bond market is defying global selloff with mega returns](https://blog.syzgroup.com/hubfs/CAT%20Bond.png) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/63) [62](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/62) [63](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/63) [64](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/64) [65](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/65) [66](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/66) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/65) [❯❯](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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