--- title: Syz The Moment | Macroeconomics (9) description: Macroeconomics | Syz The Moment (9) --- [![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. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. 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) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [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) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [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) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [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) - [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) - [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) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [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) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [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 20 Jul 2026 - - - #### America isn't retiring anymore. It's working longer than ever. One in three Americans aged 55 and older is still working or looking for work, and that share has been climbing for nearly 40 years. The biggest change is among older workers: • Ages 65–69: participation has nearly doubled since the late 1980s, now above 30%. • Ages 70–74: from under 10% to almost 19%. • Ages 75+: participation has doubled to roughly 8%. The numbers are striking. Nearly 11.9 million Americans aged 65+ were employed last year, more than double the level of three decades ago. Between 2015 and 2024, the 65+ workforce expanded 33%, while the overall labor force grew by less than 9%. Longer life expectancy is part of the story. But so are disappearing pensions, rising living costs, and Social Security benefits that no longer stretch as far. Retirement is increasingly becoming a luxury rather than the default. Source: hedgeye [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![America isn't retiring anymore. It's working longer than ever.](https://blog.syzgroup.com/hubfs/1784470420902.jpg) ![America isn't retiring anymore. It's working longer than ever.](https://blog.syzgroup.com/hubfs/1784470420902.jpg) 16 Jul 2026 - - - #### In case you missed it... Just like Tuesday’s CPI, US PPI inflation came in significantly softer than consensus forecasts, across the board. Headline PPI moderated to 5.5% year-over-year (vs. 6.2% expected), driven by a -0.3% monthly decline (vs. 0.0% expected) The core rate fell to 4.7% yoy (on a 0.2% monthly increase). These much better-than-expected figures are set to further temper market expectations for upcoming interest rate hikes. Source: zerohedge [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![In case you missed it... Just like Tuesday’s CPI, US PPI inflation came in significantly softer than consensus forecasts, across the board.](https://blog.syzgroup.com/hubfs/1784180273307.jpg) ![In case you missed it... Just like Tuesday’s CPI, US PPI inflation came in significantly softer than consensus forecasts, across the board.](https://blog.syzgroup.com/hubfs/1784180273307.jpg) 15 Jul 2026 - - - #### One-year inflation swaps fall below 2% for the first time since 2024 !!! Source: Hedgeye [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![One-year inflation swaps fall below 2% for the first time since 2024 !!!](https://blog.syzgroup.com/hubfs/10-Jul-15-2026-03-55-17-5891-PM.jpg) ![One-year inflation swaps fall below 2% for the first time since 2024 !!!](https://blog.syzgroup.com/hubfs/10-Jul-15-2026-03-55-17-5891-PM.jpg) 15 Jul 2026 - - - #### 3M annualized US Headline CPI drops from 8.2% to 2.8%. Source: zerohedge [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![3M annualized US Headline CPI drops from 8.2% to 2.8%.](https://blog.syzgroup.com/hubfs/9-Jul-15-2026-03-54-34-7671-PM.jpg) ![3M annualized US Headline CPI drops from 8.2% to 2.8%.](https://blog.syzgroup.com/hubfs/9-Jul-15-2026-03-54-34-7671-PM.jpg) 14 Jul 2026 - - - #### Very cool prices in the June CPI were across the board. US Headline inflation (CPI) comes in lower than expected, at 3.5% vs expected 3.8%. This is the biggest drop in MoM headline CPI (-0.4%) since covid crash. It is also much lower than expected (-0.1%). Core CPI is also the lowest since covid at +2.6% yoy (vs. +2.8% expected). The core CPI \*declined\* on a MoM basis, falling -0.02%. This is the first MoM drop since May 2020. Source: Bloomberg [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![Very cool prices in the June CPI were across the board.](https://blog.syzgroup.com/hubfs/3-Jul-14-2026-03-46-17-2319-PM.jpg) ![Very cool prices in the June CPI were across the board.](https://blog.syzgroup.com/hubfs/3-Jul-14-2026-03-46-17-2319-PM.jpg) 14 Jul 2026 - - - #### US 2 year yield is tumbling -7 basis points as US CPI number came in cooler than expected. Odds of a July rate hike are now 14% (vs. 45% this morning). Source: www.investing.com, CME Fed Watch tool [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![US 2 year yield is tumbling -7 basis points as US CPI number came in cooler than expected.](https://blog.syzgroup.com/hubfs/2-Jul-14-2026-03-45-27-4107-PM.jpg) ![US 2 year yield is tumbling -7 basis points as US CPI number came in cooler than expected.](https://blog.syzgroup.com/hubfs/2-Jul-14-2026-03-45-27-4107-PM.jpg) 10 Jul 2026 - - - #### EU Goods Trade Deficit with China Nears Record €376 Billion The European Union's goods trade with China totaled €768 billion in the twelve months ending April 2026, with €572 billion in imports and €196 billion in exports. The resulting €376 billion trade deficit was the second largest on record, underscoring Europe's continued dependence on Chinese manufactured goods despite efforts to diversify supply chains and reduce strategic vulnerabilities. Source: Econovis [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![EU Goods Trade Deficit with China Nears Record €376 Billion](https://blog.syzgroup.com/hubfs/5-Jul-10-2026-02-43-43-8232-PM.jpg) ![EU Goods Trade Deficit with China Nears Record €376 Billion](https://blog.syzgroup.com/hubfs/5-Jul-10-2026-02-43-43-8232-PM.jpg) 10 Jul 2026 - - - #### 🚨 The labor market still refuses to crack.\* Initial jobless claims remain stuck in a remarkably stable range of 200,000–230,000, while continuing claims are hovering around 1.8 million. For more than two years, recession fears have dominated headlines. Yet the one indicator that typically flashes red before a downturn still isn't doing it. Yes, workers who lose their jobs are taking longer to find new ones, pushing continuing claims higher. But companies are not laying off employees at the pace you would expect ahead of a recession. That's the key distinction. 📌 The labor market is cooling, not collapsing. For the Federal Reserve, that's an important signal. As long as layoffs remain contained, policymakers can stay focused on inflation instead of rushing to support the economy. Jobless claims remain one of the strongest pieces of evidence that the U.S. economy is slowing—but not yet heading into an imminent recession. Source: YCC Macro [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) ![🚨 The labor market still refuses to crack.\*](https://blog.syzgroup.com/hubfs/5-Jul-10-2026-02-34-15-3205-PM.jpg) ![🚨 The labor market still refuses to crack.\*](https://blog.syzgroup.com/hubfs/5-Jul-10-2026-02-34-15-3205-PM.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/8) [7](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/7) [8](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/8) [9](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/9) [10](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/10) [11](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/11) [❯](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics/page/10) [❯❯](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. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/)