--- title: Syz The Moment | Macroeconomics (2) description: Macroeconomics | Syz The Moment (2) --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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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) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [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) - [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) - [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) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [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 30 Sep 2026 - - - #### U.S. PCE Inflation data confirm progress on cooling inflation has stalled (not surprisingly). Core PCE YoY: 3.0% (Est. 3.3%, Prior 3.3%) Core PCE MoM: 0.2% (Est. 0.3%, Prior 0.2%) PCE YoY: 3.4% (Est. 3.7%, Prior 3.7%) PCE MoM: 0.3% (Est. 0.3%, Prior 0.2%) Historical YoY figures were revised downward in the 2026 National Economic Accounts annual update, driven by BEA methodology changes to price-versus-quantity splits in portfolio management, legal services, and computer software. The softer inflation picture is easing pressure on the Fed to stay tighter for longer, with October rate hike odds falling again. That is generally SUPPORTIVE for stocks, precious metals and crypto, as lower rate expectations can boost liquidity and risk appetite. Source: Coinbureau, Wall St Engine. Macro [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![U.S. PCE Inflation data confirm progress on cooling inflation has stalled (not surprisingly).](https://blog.syzgroup.com/hubfs/1790777522877.jpg) ![U.S. PCE Inflation data confirm progress on cooling inflation has stalled (not surprisingly).](https://blog.syzgroup.com/hubfs/1790777522877.jpg) 28 Sep 2026 - - - #### The 2020s are an era of fiscal excess, political populism, de-globalization, resource colonization, trade/AI wars and an inflationary boom. In one chart, that’s US nominal GDP up 63% in the past six years while the price of the 30-year US Treasury is down 60%. For comparison, that is roughly what happens to a meme stock... except this one is the world’s “risk-free” asset. Source: BofA [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![The 2020s are an era of fiscal excess, political populism, de-globalization, resource colonization, trade/AI wars and an inflationary boom.](https://blog.syzgroup.com/hubfs/1790492475432.jpg) ![The 2020s are an era of fiscal excess, political populism, de-globalization, resource colonization, trade/AI wars and an inflationary boom.](https://blog.syzgroup.com/hubfs/1790492475432.jpg) 28 Sep 2026 - - - #### Global money supply just hit a new all time high of $103.66 TRILLION. Fed, ECB, Bank of Japan, and PBOC alone added $1 trillion in August, the 10th straight monthly increase. More money printed means more money flowing into assets like stocks and scarce assets. Source: Bull Theory [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![Global money supply just hit a new all time high of $103.66 TRILLION.](https://blog.syzgroup.com/hubfs/1790532372717.jpg) ![Global money supply just hit a new all time high of $103.66 TRILLION.](https://blog.syzgroup.com/hubfs/1790532372717.jpg) 24 Sep 2026 - - - #### If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets Potentially VERY big deal, but I think it is a trial baloon from the administration. Source: Andreas Steno Larsen [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) ![If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets](https://blog.syzgroup.com/hubfs/1790228435426.jpg) ![If the US effectively removes the diesel exports from global markets, we will have a new low in global refining capacity available for energy markets](https://blog.syzgroup.com/hubfs/1790228435426.jpg) 24 Sep 2026 - - - #### As widely expected, the Swiss National Bank held rates at 0%. But the message has shifted. In June, the SNB warned more forcefully about franc appreciation and signalled an increased willingness to intervene. That exceptional language has now disappeared. Three things changed: → Inflation rose to 0.8% in August. The SNB has raised its forecast, though much of the pressure comes from energy prices and a weaker franc rather than persistent domestic inflation. → Growth surprised on the upside. The SNB now expects Swiss GDP to grow 1.5–2% in 2026, up from around 1%. Pharmaceuticals boosted the headline figure, and capacity utilisation remains below average. → The weaker franc is doing some of the easing. It supports growth while lifting import prices, reducing the case for another rate cut. Our take: A December hike looks premature. But if domestic price pressure builds, the first quarter of 2027 could bring the SNB’s next rate increase. The risk of negative rates has receded. The question now is how long zero lasts. [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![As widely expected, the Swiss National Bank held rates at 0%. But the message has shifted.](https://blog.syzgroup.com/hubfs/1790242412401.jpg) ![As widely expected, the Swiss National Bank held rates at 0%. But the message has shifted.](https://blog.syzgroup.com/hubfs/1790242412401.jpg) 23 Sep 2026 - - - #### The US unemployment Rate has now been below 5% for 60 months, the 2nd longest streak in history, trailing only the 64-month streak that began in the mid-1960s. Source: Charlie Bilello [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![The US unemployment Rate has now been below 5% for 60 months, the 2nd longest streak in history, trailing only the 64-month streak that began in the mid-1960s.](https://blog.syzgroup.com/hubfs/1790022504711.jpg) ![The US unemployment Rate has now been below 5% for 60 months, the 2nd longest streak in history, trailing only the 64-month streak that began in the mid-1960s.](https://blog.syzgroup.com/hubfs/1790022504711.jpg) 18 Sep 2026 - - - #### In case you missed it... France vows to cut its deficit to 5% of GDP in 2027 after missing the 2026 target. A €54bn savings drive looks ambitious with growth at just 0.5% and parliament deeply split. Markets show the credibility gap: 10y OATs yield ~97bps more than Bunds; near Euro-crisis highs. Source: HolgerZ, Bloomberg [#Food for Thought|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![In case you missed it... France vows to cut its deficit to 5% of GDP in 2027 after missing the 2026 target.](https://blog.syzgroup.com/hubfs/1789680299868.jpg) ![In case you missed it... France vows to cut its deficit to 5% of GDP in 2027 after missing the 2026 target.](https://blog.syzgroup.com/hubfs/1789680299868.jpg) 18 Sep 2026 - - - #### The Bank of Japan delivered a hawkish message. The Bank of Japan reaffirmed that it will continue raising interest rates as growth and inflation evolve. Yet the yen weakened immediately after the announcement. The market’s verdict was clear: 25 basis points is not enough. Even with the policy rate now at 1.25%, the interest-rate differential remains wide—and so does the incentive to borrow in yen and invest in higher-yielding currencies. If Japan wants to support the yen without hiking more aggressively, it may have to return to FX intervention: selling dollar assets and using its reserves to buy yen. But intervention only buys time. It does not solve the underlying rate gap. The longer the BOJ waits to close that gap, the more aggressive future rate hikes may ultimately need to be. Key details: 1. BOJ voted 7-2 in favour of raising interest rates to 1.25%. 2. BOJ warns underlying inflation could rise above its 2% target. 3. Inflation pressure is spreading from producer prices into consumer prices. 4. Inflation expectations continue to rise. 5. Wage increases are increasingly being passed into selling prices. 6. Weak yen, higher oil prices and strong AI-related demand are adding inflation pressure. 7. Japan’s economy is still recovering moderately, supported by employment, income growth and AI-related demand. 8. CPI is expected to accelerate clearly above 2% from the second half of FY2026. 9. BOJ still says financial conditions remain accommodative despite the hike. 10. Future hikes will depend on economic activity, prices and financial conditions. Governor Ueda’s remarks will be closely watched for clues on the timing and pace of further hikes. Source: Bull Theory [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) ![The Bank of Japan delivered a hawkish message.](https://blog.syzgroup.com/hubfs/1789709211639.jpg) ![The Bank of Japan delivered a hawkish message.](https://blog.syzgroup.com/hubfs/1789709211639.jpg) [❮](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/1) [1](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/1) [2](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/2) [3](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/3) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/170?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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