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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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[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 3 Oct 2023 - - - #### Hedge funds have now built the largest short position in U.S. Treasuries in history Source: DB, barchart [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) ![Hedge funds have now built the largest short position in U.S. Treasuries in history](https://blog.syzgroup.com/hubfs/1696308876663.jpg) ![Hedge funds have now built the largest short position in U.S. Treasuries in history](https://blog.syzgroup.com/hubfs/1696308876663.jpg) 3 Oct 2023 - - - #### The new safety trade -\> An incredible $993 billion has gone into money market funds since the Fed started raising rates in March 2020. Inflows to money market funds are well ahead those seen in 2015, 2004, 1999 and 1994 rate hike cycles. Why take risk on your "safety" trade when you can make 5% risk-free? Source: The Kobeissi Letter [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![The new safety trade](https://blog.syzgroup.com/hubfs/1696308236928.jpg) ![The new safety trade](https://blog.syzgroup.com/hubfs/1696308236928.jpg) 3 Oct 2023 - - - #### Asset class and style returns by JP Morgan As bonds and stocks fell simultaneously, commodities were the notable outperformer in Q3, returning 4.7% and echoing the market dynamics of 2022. Source: JP Morgan [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Asset class and style returns by JP Morgan](https://blog.syzgroup.com/hubfs/1696266507873.jpg) ![Asset class and style returns by JP Morgan](https://blog.syzgroup.com/hubfs/1696266507873.jpg) 3 Oct 2023 - - - #### US 10y yields keep rising with most of the increase is due to the rise in real yields. US 10 year yields is now at 4.65%, 10 year real yields at 2.29% Source: Bloomberg, HolgerZ [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![US 10y yields keep rising with most of the increase is due to the rise in real yields. US 10 year yields is now at 4.65%, 10 year real yields at 2.29%](https://blog.syzgroup.com/hubfs/1696264788478.jpg) ![US 10y yields keep rising with most of the increase is due to the rise in real yields. US 10 year yields is now at 4.65%, 10 year real yields at 2.29%](https://blog.syzgroup.com/hubfs/1696264788478.jpg) 2 Oct 2023 - - - #### The US Bond Market has now been in a drawdown for 38 months, by far the longest bond bear market in history The US Bond Market has now been in a drawdown for 38 months, by far the longest bond bear market in history [#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 38 months, by far the longest bond bear market in history](https://blog.syzgroup.com/hubfs/1696167994690.jpg) ![The US Bond Market has now been in a drawdown for 38 months, by far the longest bond bear market in history](https://blog.syzgroup.com/hubfs/1696167994690.jpg) 2 Oct 2023 - - - #### The S&P’s price has diverged from the trend for EPS estimates recently The rise in bond yields probably explains this dichotomy [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![The S&P’s price has diverged from the trend for EPS estimates recently](https://blog.syzgroup.com/hubfs/1696151579509.jpg) ![The S&P’s price has diverged from the trend for EPS estimates recently](https://blog.syzgroup.com/hubfs/1696151579509.jpg) 2 Oct 2023 - - - #### Is the golden era of 60/40s coming to an end? And if equities / bonds correlation stay positive, which asset classes should be added to portfolios? hard assets and commodities? alternatives (private debt, private equities, etc.)? cash on an opportunistic basis? Source chart: Tavi Costa, Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Is the golden era of 60/40s coming to an end?](https://blog.syzgroup.com/hubfs/1696143255026.jpg) ![Is the golden era of 60/40s coming to an end?](https://blog.syzgroup.com/hubfs/1696143255026.jpg) 2 Oct 2023 - - - #### Yes you can lose a lot of money with bonds... The Pimco 25+ Year Zero Coupon US Treasury ETF is off more than 60% from its high [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![Yes you can lose a lot of money with bonds...](https://blog.syzgroup.com/hubfs/1696061909240.jpg) ![Yes you can lose a lot of money with bonds...](https://blog.syzgroup.com/hubfs/1696061909240.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/64) [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) [67](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/67) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/66) [❯❯](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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