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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 10 Oct 2023 - - - #### Over half of bond ETFs are now trading at a discount Spikes in this number have been a pretty reliable bottom signal in the past. That said we not quite near the last two spikes but close.. Source: psarofagis thru Eric Balchunas, Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) ![Over half of bond ETFs are now trading at a discount](https://blog.syzgroup.com/hubfs/1696879210828.jpg) ![Over half of bond ETFs are now trading at a discount](https://blog.syzgroup.com/hubfs/1696879210828.jpg) 10 Oct 2023 - - - #### The US has already issued $1.76 trillion in net Treasury securities through September It will be well over $2 trillion by year-end, trailing only 2020 for the largest net debt issuance of any year 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 has already issued $1.76 trillion in net Treasury securities through September](https://blog.syzgroup.com/hubfs/1696878722463.jpg) ![The US has already issued $1.76 trillion in net Treasury securities through September](https://blog.syzgroup.com/hubfs/1696878722463.jpg) 9 Oct 2023 - - - #### U.S. Treasuries have reached one of the most oversold levels in the last 36 years This has typically foreshadowed events such as the October 1987 crash, the Dotcom Bubble, and the Nasdaq surge (Oct 2022) Source: Barchart, BofA [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![U.S. Treasuries have reached one of the most oversold levels in the last 36 years](https://blog.syzgroup.com/hubfs/1696745919943.jpg) ![U.S. Treasuries have reached one of the most oversold levels in the last 36 years](https://blog.syzgroup.com/hubfs/1696745919943.jpg) 9 Oct 2023 - - - #### The longest duration bond ETF ($ZROZ) is down over 60% from its peak in 2020 and now has a negative return over the last 10 years. Bond ETF Returns... Source: Charlie Bilello [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) ![The longest duration bond ETF ($ZROZ) is down over 60% from its peak in 2020 and now has a negative return over the last 10 years. Bond ETF Returns...](https://blog.syzgroup.com/hubfs/1696717206689.jpg) ![The longest duration bond ETF ($ZROZ) is down over 60% from its peak in 2020 and now has a negative return over the last 10 years. Bond ETF Returns...](https://blog.syzgroup.com/hubfs/1696717206689.jpg) 9 Oct 2023 - - - #### Who has the losses on the books? Value of global bonds has lost another $1.04tn. This brings the total losses to $3.9tn since mid-July Source: HolgerZ, Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) ![Who has the losses on the books? Value of global bonds has lost another $1.04tn. This brings the total losses to $3.9tn since mid-July](https://blog.syzgroup.com/hubfs/1696670742133.jpg) ![Who has the losses on the books? Value of global bonds has lost another $1.04tn. This brings the total losses to $3.9tn since mid-July](https://blog.syzgroup.com/hubfs/1696670742133.jpg) 6 Oct 2023 - - - #### Interesting FT article on UK neobanks: "UK fintech: neobanks may end up blending in" Low fees mean profits have remained elusive. But higher interest rates are now compensating for that, not least with better returns on client money put out on deposit. Satisfaction scores by customers are also much higher than traditional banks. Some lessons need to be learned. Source: https://lnkd.in/emZyY76d [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![Interesting FT article on UK neobanks: ](https://blog.syzgroup.com/hubfs/1696573410966.jpg) ![Interesting FT article on UK neobanks: ](https://blog.syzgroup.com/hubfs/1696573410966.jpg) 6 Oct 2023 - - - #### Open interest for bullish call contracts has soared to an all-time high for $TLT Traders see an end to the market rout that has led to TLT’s longest streak of weekly losses since 2022. Source: Credit From Macro to Micro [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![Open interest for bullish call contracts has soared to an all-time high for $TLT](https://blog.syzgroup.com/hubfs/1696542086398.jpg) ![Open interest for bullish call contracts has soared to an all-time high for $TLT](https://blog.syzgroup.com/hubfs/1696542086398.jpg) 6 Oct 2023 - - - #### The yield premium on the S&P 500 has completely disappeared for the first time in over 20 years The US 10-year treasury now offers (theoretically) the same amount of sweet hot sauce goodness that's on offer in the stock market. Source: David Ingles, 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) ![The yield premium on the S&P 500 has completely disappeared for the first time in over 20 years](https://blog.syzgroup.com/hubfs/1696573838577.jpg) ![The yield premium on the S&P 500 has completely disappeared for the first time in over 20 years](https://blog.syzgroup.com/hubfs/1696573838577.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/70?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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