Making Sense

Thanks to Monarch for partnering with me! Start your free trial and get 50% off your first year of total money clarity using my link https://monarchmoney.yt.link/k4lMFDZ or code euro50 for 50% Off Monarch Core tier.Oil is rebounding again and we have to ask whether it might be the final blow for an economy that was already on the edge to begin with. After all, in yesterday's video, steve and I showed you the income data that looks just like a recession. The energy shock is turning into something bigger. It is hitting consumers through gasoline and utility bills. It is hitting businesses through transportation, plastics, chemicals, shipping, and margins. It is hitting importers through their trade balances. And because oil is priced in dollars, we also have to consider the dollar part of this. Eurodollar University's Money & Macro Analysishttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUI'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/eduhttps://youtu.be/olx4TSSz71w

Did a recession strike the US economy starting in October? Not just the forgot how to grow kind we've been grappling with for the last several years, but the all-out, NBER-style, full-blown contraction. Take a look at the data and the charts in this video, let's see what you think. And that data is coming from income series the NBER itself uses when it decides the recession question. Eurodollar University's Conversation w/ Steve Van Metre----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------CEOs Turn Pessimistic About US Economy as Supply Risks Mounthttps://www.bloomberg.com/news/articles/2026-05-28/ceos-turn-pessimistic-about-us-economy-as-supply-risks-mounthttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUI'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/edu

Canada just “unexpectedly” fell into a technical recession. But the important part is not just that Canada contracted. The important part is that Canada's contraction is lining up with the same weakness now spreading through France, the UK, Germany, Sweden, Mexico, and increasingly the rest of the global system. As one result, central bankers hawkishness is starting to seriously evaporate.Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to: https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUStarting today, I'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/edu

Private credit has a new problem, and this one is different. For months, the story has been retail investors pulling money from private credit funds. But now we have something else. A Swiss pension fund redeeming shares from a Vista private credit vehicle helped force that fund to limit withdrawals. And that's before asking the question: is software credit the new subprime mortgage?Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------One Big Private Credit Investor Forced Vista's Fund to Limit Redemptionshttps://www.bloomberg.com/news/articles/2026-05-27/one-big-private-credit-investor-forced-vista-s-fund-to-limit-redemptionsNew CLOs at Blackstone, Guggenheim Boast Key Perk: Less Softwarehttps://www.bloomberg.com/news/articles/2026-05-27/new-clos-at-blackstone-guggenheim-boast-key-perk-less-softwarePrivate Credit's Exposure to Ailing Software Industry Is Bigger Than Advertisedhttps://www.wsj.com/finance/investing/private-credits-exposure-to-ailing-software-industry-is-bigger-than-advertised-d80da378Cracks in Private Credithttps://www.goldmansachs.com/pdfs/insights/goldman-sachs-research/cracks-in-private-credit/TOM_private%20credit_Redacted.pdfMyth-busting: Private credit liquidityhttps://blog.landg.com/categories/investment-strategy/myth-busting-private-credit-liquidity/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

JPMorgan just took the Goldilocks off the table. That is not a minor forecast change or some little tweak to a spreadsheet buried on page 47 of a Wall Street outlook. When one of the biggest banks in the world says “Goldilocks is leaving the building” and starts worrying about a **negative growth shock**, what they're really saying is something big has changed. Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to: https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------'Goldilocks is leaving the building': JPMorgan predicts negative growth shockhttps://www.msn.com/en-us/money/markets/goldilocks-is-leaving-the-building-jpmorgan-predicts-negative-growth-shock/ar-AA24066QSahm Says Sahm Rule Meant To Be Brokenhttps://www.bloomberg.com/news/videos/2024-08-08/claudia-sahm-says-the-sahm-rule-was-meant-to-be-broken-videohttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Home prices are now doing something they were not supposed to do. After years of being told that housing was poised to make a strong comeback and that prices were going to accelerate upward, the latest national housing data is saying something very different: the lowest price rate in fourteen years, going all the way back to the bottom of the Big Housing Bust in 2012.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

For the first time in this cycle, the money going out of major private credit vehicles has surpassed the money coming in. That is the headline, how private credit machine is now facing sustained investor outflows. Stage 2. And here's the other big part of that – these net outflows are indeed forcing asset sales onto an industry that was never really built for this. That means we're already deeper into Stage 2 than most people would think.  Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to: https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------Private Credit BDC Redemptions Exceed Fundraising for First Timehttps://www.bloomberg.com/news/articles/2026-05-14/private-credit-bdc-redemptions-exceed-fundraising-for-first-timePrivate Credit's Unthinkable Becomes Reality as Trading Revs Uphttps://www.bloomberg.com/news/articles/2026-05-21/private-credit-s-unthinkable-becomes-reality-as-trading-revs-upFitch Ratings' U.S. Private Credit Default Rate Hits a High of 6.0% in April 2026https://www.fitchratings.com/research/corporate-finance/fitch-ratings-us-private-credit-default-rate-hits-high-of-6-0-in-april-2026-18-05-2026?cs=0&hl=en-US&biw=1600&bih=731Private Credit Fund Touts Quick Profit Buying Debt at 65 Centshttps://www.bloomberg.com/news/articles/2026-05-05/private-credit-fund-touts-quick-profit-buying-debt-at-65-centsGoldman Sachs Private Credit Fund's Share of Bad Loans Riseshttps://www.bloomberg.com/news/articles/2026-05-07/goldman-sachs-private-credit-fund-s-share-of-bad-loans-increasesHSBC Drags Feet on $4 Billion Private Credit Investment Efforthttps://www.bloomberg.com/news/articles/2026-05-15/hsbc-drags-feet-on-4-billion-private-credit-investment-effortAMP Trims ‘Frothy' Private Credit Assets in Investment Pivothttps://www.bloomberg.com/news/articles/2026-05-18/amp-trims-frothy-private-credit-assets-in-investment-pivothttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

While rumors and reports swirl about a possible Iran deal, the clock is still ticking for an economy that's way too close to the point of no return on the energy shock. In fact, for Europe, there is a nontrivial chance it's already gone past. With the latest data out on Friday, the economic numbers for May so far got slammed. It increasingly looks like Europe may have already gone over the cliff with S&P describing France as in a quote “dire” situation.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Or go even deeper with our Deep Dive Analysis. Get all the tools to fill in the huge gaps you didn't even know were there. Click the link to visit https://eurodollar.university/memberships and join today.---------------------------------------------------------------------------SPG France May 2026 PMIhttps://www.pmi.spglobal.com/Public/Home/PressRelease/f0ad28c72bfd49949cf67d52daf16aeeSPG Eurozone May 2026 PMIhttps://www.pmi.spglobal.com/Public/Home/PressRelease/cfc7983038764cd0bf61ed86b6d27a52https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The dollar is rising again, and this time the pressure is showing up right across Asia. The Japanese yen is weak.  The South Korean won is tumbling.  The Indonesian rupiah is crashing. The Indian rupee keeps finding new ways to give officials fits. At the same time the dollar is rising against these Asian currencies, the very front of the U.S. dollar interest-rate market is doing something absolutely incredible. Shocking even. Completely the opposite of what you'd think. And here's the thing – these two developments are related. Why the dollar is hammering Asia most of all and how that would play out in rates. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Lowe's had some more bad news about the American consumer. CEO Marvin Ellison said “This has been the most difficult housing market that I have faced in this business since the financial crisis.” Lowe's is hardly alone. Walmart said higher income shoppers are still trading down while lower income Americans are, well, they're running out of their tax refund money. And then there is Kroger. Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to: https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------Flash PMI signals subdued growth in May amid price surgehttps://www.pmi.spglobal.com/Public/Home/PressRelease/d7a15ea4f43c4e3493db3814db67ad99Lowe's CEO says this is the 'most difficult housing market' since the financial crisishttps://finance.yahoo.com/markets/stocks/article/lowes-ceo-says-this-is-the-most-difficult-housing-market-since-the-financial-crisis-170512082.htmlKroger Plans Biggest Price Cuts In Years to Take On Walmart, Costcohttps://www.bloomberg.com/news/articles/2026-05-21/kroger-plans-biggest-price-cuts-in-years-to-take-on-walmart-costcohttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUI'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/edu

Treasury yields have finally made a sizable move upward. The 2-year Treasury has pushed to new multi-month highs. The 10-year got as high as 4.70%. And instantly, the usual question shows up:Is the bond market finally repricing real inflation risk? Or is this another hurricane warning where everyone looks at the headline number, panics for five minutes, and misses what the curve is actually saying? Make that curve-S.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

China's downturn just produced a major hit and it has officials stumped. It was the kind of bad that confirms almost everything already showing up in China's credit data, banking system, property market, and bond market. Retail sales nearly cracked. Worst month since the lockdowns. Fixed asset investment is crashing again. Yes, crashing. Industrial production, which had been one of the few remaining bright spots, suddenly didn't look so bright. Home prices were down for the twelfth straight time. It was ugly in every direction. Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to: https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The Justice Department is now probing valuations at a BlackRock private credit fund. That sentence should stop everyone cold. Not because BlackRock is about to disappear. It isn't. Not because one fund valuation probe means anyone has been proven to have done anything wrong. It doesn't. A probe is not a conviction, and we need to be clear about that. But because the single biggest weakness in private credit has always been valuations.Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Or go even deeper with our Deep Dive Analysis. Get all the tools to fill in the huge gaps you didn't even know were there. Click the link to visit https://eurodollar.university/memberships and join today.---------------------------------------------------------------------------BlackRock Private Credit Fund's Valuations Are Probed by DOJhttps://www.bloomberg.com/news/articles/2026-05-15/blackrock-private-credit-fund-s-valuations-being-probed-by-dojBuybacks, Revamps, Deals: Firms Dig Deep to Fix Problem Private Credit Fundshttps://www.bloomberg.com/news/articles/2026-05-14/private-credit-crisis-has-kkr-apollo-blackrock-tackling-problem-fundsCarlyle BDC Cuts Dividend Even As It Flags Better Credit Markethttps://www.bloomberg.com/news/articles/2026-05-11/carlyle-bdc-cuts-dividend-even-as-it-flags-better-credit-marketBlue Owl Says It Will Be More Selective Making Software Loanshttps://www.bloomberg.com/news/articles/2026-05-06/blue-owl-bdcs-buy-back-85-million-of-shares-as-loan-values-sinkhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

While the ECB and other central banks, maybe even the Fed, are likely to overreact to oil prices by raising their policy rates, suddenly that possibility isn't so straightforward. Even in Europe where policymakers are the most aggressively hawkish, several officials have come forward expressing major doubts on the inflation narrative, focusing instead on what's already going on with demand especially for workers. And that's not oil, two of the world's leading energy agencies just slashed their own demand forecasts to levels you only see in periods like 2020 or 2009. Eurodollar University's conversation w/Steve Van Metre----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

India is now doing what governments do when the dollar problem starts getting too close to the bone: it is looking for imports it can cut, restrict, tax, license, delay, or possibly even ban. And right at the top of that list sits gold and silver. That might sound like a metals story. It isn't. Not entirely. It's a dollar story, though with a key twist for precious metals. Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to: https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUEurodollar University's Money & Macro Analysishttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Everyone is talking about the Trump-Xi summit as if this is going to be some decisive turning point for China, global trade, maybe even the whole world economy. And, sure, politically, it's a huge deal. Markets love the idea of the two leaders in the same room because everyone wants to believe a handshake can undo tariffs, trade wars, supply chain chaos, and years of deteriorating relations.But the latest bank lending data out of China says something VERY different. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.youtube.com/watch?v=8b7ub5T4fYkhttps://www.youtube.com/watch?v=Pang-t16vNwhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Two of the oldest political parties are in danger of being completely wiped out in the UK. Rate of change in the economy goes down, rate of change in politics goes way up. Both the Labor and Tories are on the ropes right now, especially labor after the latest local election results were a bloodbath for them. An entirely new UK system is right now emerging from the aftermath – but aftermath of what? A huge warning. Eurodollar University's Money & Macro Analysis---------------------------------------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Or go even deeper with our Deep Dive Analysis. Get all the tools to fill in the huge gaps you didn't even know were there. Click the link to visit https://eurodollar.university/memberships and join today.---------------------------------------------------------------------------French Jobless Rate Jumps Above 8% for First Time Since 2021https://www.bloomberg.com/news/articles/2026-05-13/french-unemployment-jumps-above-8-for-first-time-in-five-yearsFarage's Reform UK wins big in local elections, splintering two-party system and piling pressure on Starmerhttps://www.cnn.com/2026/05/08/uk/uk-local-election-reform-farage-starmer-intlhttps://www.bbc.com/news/live/c1428pev1n0thttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The stock market was going to boom either way. Payrolls could have been plus 200 or minus 200, indexes were going to soar no matter what. Either the economy is robust or the other would mean the Fed will be forced to cut a lot of rates. But what the jobs data actually showed, no one was looking for. Complete shock yet again. Sure, the payroll number did what the payroll number always does, it was everything else. Eurodollar University's conversation w/Steve Van Metre--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Five major developments in the credit crisis/bust. BlackRock, JP Morgan, Blue Owl, Apollo and another big run on a big fund. Private credit didn't go anywhere, the situation keeps escalating and each one of these represents more significant confirmation of the shift toward toxic waste status. From asset valuations to more losses at big names, the behavior has radically changed. Eurodollar University Money & Macro AnalysisGundlach Warns Investors Will Lose Money on Private Credithttps://finance.yahoo.com/markets/stocks/articles/gundlach-warns-investors-lose-money-200041360.htmlBlackRock Private Credit Fund Cuts Asset Value on Markdownshttps://www.bloomberg.com/news/articles/2026-05-07/blackrock-private-debt-fund-cuts-asset-value-on-loan-markdownsJPMorgan-Led Group Eyes $500 Million Loss on Qualtrics Debthttps://www.bloomberg.com/news/articles/2026-05-06/jpmorgan-led-group-eyes-500-million-loss-on-qualtrics-debtBlue Owl adviser sued over allegedly inflating fund values, charging excessive feeshttps://www.reuters.com/legal/litigation/blue-owl-adviser-sued-over-allegedly-inflating-fund-values-charging-excessive-2026-04-28/Apollo CEO Rowan warns of market correction, slams ‘egregious' practices at rival insurershttps://www.cnbc.com/2026/05/06/apollo-ceo-rowan-market-correction-rival-insurers.htmlApollo to Give Investors Daily Pricing on Private Credit By Septemberhttps://www.wsj.com/finance/investing/apollo-to-give-investors-daily-pricing-on-private-credit-by-september-44a2c84b$10 Billion Golub Fund Caps Outflows After Requests for 8.5%https://www.bloomberg.com/news/articles/2026-05-07/-10-billion-golub-fund-caps-outflows-after-requests-for-8-5

McDonald's CEO says the consumer environment is certainly not improving and may be getting a little worse after the company reported better than expected past results. Those mainly before the gas prices jumped. Jumping over to big ticket items like appliances, Whirlpool, the company that employs the Maytag Man, it compared the current consumer climate to  – not joking – 2008-09 as the cracks of demand destruction are indeed beginning to grow wider and becoming more noticeable. The Maytag man is somewhere right now polishing his resume. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------McDonald's CEO says consumer spending could be ‘getting a little bit worse'https://www.cnbc.com/2026/05/07/mcdonalds-mcd-q1-2026-earnings.htmlEarnings call transcript: Whirlpool Q1 2026 results fall short, stock dropshttps://ca.investing.com/news/stock-market-news/earnings-call-transcript-whirlpool-q1-2026-results-fall-short-stock-drops-93CH-4618415April 2026 National Poll: Iran, the economy, and the 2026/2028 electionshttps://www.generationlab.org/state-of-young-peopleChallenger Gray & Christmas April 2026https://www.challengergray.com/blog/challenger-report-april-job-cuts-rise-38-from-march-ytd-cuts-down-50/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The stock market was not happy with HSBC. The banking giant reported what should have been a small nothing, a $400mm loss on a loan to an Irish entity with a name that sounds like a Star Wars droid. AGF WHCO 1-A5. But that $400mm loan and loss ended up pulling back the curtain a little more on the current credit crisis. As did the comments from Apollo's CEO, where he used the words “contagion” and “egregious.” Eurodollar University's Money & Macro Analysis-----------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership-------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

According to the Energy Information Administration, the national average price for gasoline was $4.26 per gallon at the end of April and it was largely stable throughout last month. Not good. Certainly painful. But wholesale gas price has exploded higher in recent weeks and that means retail gas prices are about to do the same thing. The wholesale cost points to a nationwide pump price of $5. Not next month, soon.  Eurodollar University's Money & Macro Analysis--------------------------------------------------------------------------------Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to https://EurodollarGold.com or text EURO to 35052. --------------------------------------------------------------------------------Just a Few Stocks Driving S&P 500 Rally Triggers Dot-Com Bubble Flashbackshttps://www.bloomberg.com/news/articles/2026-05-05/dot-com-bubble-flashbacks-triggered-by-lack-of-s-p-500-breadthRCM/TIPP Steadies In May As Stress Easeshttps://www.realclearmarkets.com/articles/2026/05/05/rcmtipp_steadies_in_may_as_stress_eases_1180584.htmlhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

We know how central bankers are just itching to raise policy rates and all over the world, led primarily by those in Europe. The hawkishness is already spreading. Just today, an official from South Korea's central bank said, hey, oil prices up we need to think about some hikes, too. But what are the markets pricing? It's not what you'd think.  What do the curves look like for now but also beyond the near-term? In a word, frown.     Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Will this week's economic data be enough to keep central bankers from chasing oil prices with rate hikes? Europe was barely positive. Canada bounced back but that's two up and two down over the last year. Mexico, which, keep in mind, is a proxy for the US, big time contraction. And the US itself missed with weakness all over consumers. All that before the full energy shock weighs in.Eurodollar University's conversation w/Steve Van MetreLearn more about Augusta Gold and what they have to offer - including physical gold for IRA accounts - by going to https://EurodollarGold.com or text EURO to 35052. https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Thanks to Monarch for partnering with me! Start your free trial and get 50% off your first year of total money clarity using my link https://monarchmoney.yt.link/8CnCd5q or code euro50 for 50% Off Monarch Core tier.The Japanese government, working through the Bank of Japan, just set $35 billion on fire. Then flushed it down the toilet. And if that wasn't enough, officials in Tokyo are talking about embarrassing themselves in the oil market. Wasting five and half trillion yen in FX wasn't enough, throw some more money down the hole and all for the public spectacle of it. What a world we live in. Unfortunately for them, and for their counterparts in India, this is the eurodollar's world. Eurodollar University's Money & Macro AnalysisPhone Warning Shows Yen Intervention Is the New Normalhttps://www.bloomberg.com/opinion/articles/2026-05-01/katayama-phone-warning-shows-yen-intervention-is-the-new-normalYen's Correlation With Oil Hit 2021 High Before Interventionhttps://www.bloomberg.com/news/articles/2026-05-01/yen-s-correlation-with-oil-hit-2021-high-before-interventionJapan Is Said to Sound Out Market on Oil Futures Interventionhttps://www.bloomberg.com/news/articles/2026-03-24/japan-is-said-to-sound-out-market-on-oil-futures-interventionRBI's Short Dollar Book Surges Past $100 Billion for First Timehttps://www.bloomberg.com/news/articles/2026-04-30/rbi-s-short-dollar-book-surges-past-100-billion-for-first-timehttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

We know when Walmart or Dollar General are doing well, those are not good signs for the health of the consumer economy, particularly when it's higher income shoppers suddenly appearing in bigger numbers. But when that hard hit traffic starts spilling over to the local pawn shops, it's a whole other level. Canaries and coalmines. Here's the thing. We're not only seeing that happen, the data backs this up, including a whole bunch which released earlier today.Eurodollar University's Money & Macro Analysis-----------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership-------------------------------------------------Pawn shop economyhttps://www.msn.com/en-us/money/topstocks/pawn-shops-are-seeing-something-the-stock-market-isn-t-and-it-has-economists-concerned/vi-AA21Rt7fPowell Press Conference Transcript and Videohttps://www.federalreserve.gov/live-broadcast.htmhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

European banks just told the ECB they are tightening lending standards by the most since 2023. At the same time, the pick up in loan demand they're seeing is due to heightened liquidity pressures as the energy shock has especially corporate borrowers in Europe on edge. This is why despite knowing the ECB is very likely to raise its policy rates at some point, probably not tomorrow but very likely its next meeting in June, European banks bought a boatload of bonds anyway.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

A week ago, the UAE said it was in consultation with the US government trying to arrange a dollar swap line. Since then, Treasury Secretary Bessent told Congress MANY allies were, too, and not just those in the Middle East. Just hours ago, huge news as the UAE says it's outright leaving OPEC. There is big stuff going on behind the scenes because the energy shock is indeed a dollar shock and much bigger than people think, and the chances of becoming uncontained are not trivial.Eurodollar University's Money & Macro AnalysisUAE to Leave OPEC in May as Iran War Reshapes Oil Markethttps://www.bloomberg.com/news/articles/2026-04-28/uae-to-leave-opec-and-opec-next-month-to-pursue-new-strategyBessent Says Gulf, Asian Allies Requested Currency Swap Lineshttps://www.bloomberg.com/news/articles/2026-04-22/bessent-says-many-us-allies-in-gulf-asia-requested-swap-linesPimco's $10 Billion Private Deals Fuel Middle East's Wartime Cash Questhttps://www.bloomberg.com/news/newsletters/2026-04-27/pimco-buys-abu-dhabi-qatar-kuwait-private-bonds-dubai-homes-prices-fallDubai's DIFC introduces temporary economic support for businesses, retail communityhttps://www.reuters.com/world/middle-east/dubais-difc-introduces-temporary-economic-support-businesses-retail-community-2026-04-09/

Interest rates going up. Oil prices big problem. The stock market kept soaring, but even though the S&P 500 gained 20% that year more stocks in the index ended 1999 down than up. There are some similarities between now and '99 and one of those is how far companies will go to make sure they aren't one of those on the outside looking in. CEOs today are all over AI hype, but they're lying to you about it. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------THE YEAR IN THE MARKETS; 1999: Extraordinary Winners and More Losershttps://www.nytimes.com/2000/01/03/business/the-year-in-the-markets-1999-extraordinary-winners-and-more-losers.htmlBank of England Official Says Share Prices Don't Reflect Riskshttps://www.bloomberg.com/news/articles/2026-04-24/bank-of-england-official-says-share-prices-don-t-reflect-riskshttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Back in April 2020, oil prices went negative after the futures market underestimated just how much demand had collapsed, causing chaos as market participants scrambled to unload their oil. Here in April 2026, the oil futures market is in danger of something similar but in the opposite direction. Certain market participants just may be underestimating how much supply has collapsed. Worrying that might be the case, the Dallas Fed surveyed oil industry companies about what they're seeing and where they think the Hormuz blockage is leading the energy marketplace. You're not going to like it. Eurodollar University's Money & Macro Analysis-----------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership-------------------------------------------------Dallas Fed Energy Survey Q1 2026 updatehttps://www.dallasfed.org/research/surveys/des/2026/2601/2601updateOil Trader Andurand Lost 52% in April First Half on Oil Betshttps://www.bloomberg.com/news/articles/2026-04-23/andurand-lost-52-in-april-first-half-as-ceasefire-hurt-oil-betsThe world is watching the wrong oil pricehttps://www.telegraph.co.uk/business/2026/04/23/the-world-is-watching-the-wrong-oil-price/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Underscoring the global nature of private credit and the credit cycle, one of India's biggest borrowers has announced it will be delaying principal and interest payments on one of its biggest junk bonds. And who are the primary owners of said bonds? Private credit funds like Cerberus and regulated institutions like Deutsche Bank. The specific bonds in question aren't going to bring down either one, but the missed cash payments do highlight more behavior consistent with a shift in the cycle and what that means.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:https://www.eurodollar.university/webinar-offer----------------------------------------------------------------------------------Top Indian Private Credit Borrower Delays Paying 20.75% Bondhttps://www.bloomberg.com/news/articles/2026-04-24/india-s-shapoorji-gets-nod-to-delay-bond-days-before-maturityJeffrey Gundlach Rips TCW Group Over Red Lobster ‘PIK Magic'https://www.bloomberg.com/news/newsletters/2026-04-18/jeffrey-gundlach-rips-tcw-group-over-red-lobster-pik-magicBank of England Deputy Governor Warns of Private Credit Crunchhttps://www.bloomberg.com/news/articles/2026-04-22/private-credit-crunch-risk-spurs-boe-s-stress-test-breeden-saysTraders Return to Fed Funds Wager That Surged During Repo Stresshttps://www.bloomberg.com/news/articles/2026-04-22/traders-return-to-fed-funds-trade-that-surged-during-repo-stresshttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The global economy is being set right up for a brutal summer, according to the latest incoming data. Manufacturing is up right now, but the faster it goes today the worse it is going to be in the coming months. Services, the majority of the economy, are starting to get crushed – Europe, for example, it just set a 62-month low. This is the same general setup as last year which fed right into job losses, contracting incomes, rising unemployment...and more Pringles. Eurodollar University's Money & Macro Analysis-----------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership-------------------------------------------------SPG US PMIshttps://www.pmi.spglobal.com/Public/Home/PressRelease/8bdf1bb2dddf420e9c0e9d7e22f75c09SPG EZ PMIshttps://www.pmi.spglobal.com/Public/Home/PressRelease/89d5df92554f42589275c1d9ddb5fde3SPG Japan PMIshttps://www.pmi.spglobal.com/Public/Home/PressRelease/f65b1852016d49a5abde92a6b742f9bchttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

European consumer sentiment is in "free fall", in the European govt's own words. DHL's CEO warned the world is heading for a quote tipping point – in other words, the race against time. Economic sentiment just crashed. Unemployment in places like Scandinavia has jumped while in the UK job losses have returned alongside the appearance of one of the worse labor market outcomes, the dropout. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------DHL CEO Warns of ‘Tipping Point' Risk If Oil Shortage Persistshttps://www.bloomberg.com/news/articles/2026-04-21/dhl-ceo-warns-of-tipping-point-risk-if-oil-shortage-persistsEuropean Union Flash Consumer Confidence April 2026https://economy-finance.ec.europa.eu/document/download/11ffc7fa-f14b-4ed7-a44c-2e45fa85fec5_en?filename=Flash_consumer_2026_04_en.pdfGerman Investor Outlook Drops to Worst Since 2022 on Iran Warhttps://www.bloomberg.com/news/articles/2026-04-21/german-investor-outlook-drops-to-worst-since-2022-on-iran-warGermany Halves 2026 Growth Forecast After Hit From Iran Warhttps://www.bloomberg.com/news/articles/2026-04-22/germany-halves-growth-forecast-for-2026-after-hit-from-iran-warhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Countries REALLY don't want to go to DC and ask for a dollar swap line. One nation just did (according to WSJ) and it is one of the most critical redistribution centers in the eurodollar system. While the usual suspects go on about "dedollarization" and petroyuans, over here in the real world the consequences from lack of oil flow include a shortfall of dollars as much as oil.Eurodollar University Money & Macro AnalysisU.A.E. Asks U.S. About a Wartime Financial Lifelinehttps://www.wsj.com/world/middle-east/u-a-e-asks-u-s-for-a-wartime-financial-lifeline-3f9ea3a0Qatar Warns of ‘Huge' Economic Fallout From War in Coming Monthshttps://www.bloomberg.com/news/articles/2026-04-15/qatar-warns-of-huge-economic-fallout-from-war-in-coming-months

Interest rates in China's bond market are aggressively declining, more at the short-term maturities. It's a classic bond bull case, which means it isn't bullish. The question is where this is coming from. Inside the country or outside? As if that wasn't the only big signal, the Chinese government just did something that will have you shaking your head where it comes to consumer spending and retail sales data. Eurodollar University's conversation w/Steve Van MetreIn a world where markets swing on every headline, focus matters. That's why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on. If you don't have the time to go all the way to the depth of Eurodollar University's comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you. Visit https://eurodollaruniversity.substack.comhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Banks are taking more steps to distance themselves from the growing private credit bust. They're revaluing private credit assets that have been pledged to them as security for financing banks have provided to these shadow banks. I told you when JPM did it a month ago there would be others. Insurance companies are now really getting dragged into this mess, too, a double dose of Stage 2.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------ACLI President and CEO David Chavern Responds to April 14th Financial Times Article on Private Credit https://www.acli.com/posting/acr26-003Wall Street banks start trading derivatives to bet on pain in private credithttps://www.ft.com/content/54076a09-7a66-44f3-8e70-343f6d601e50?syn-25a6b1a6=1https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The good news is the IRS is reporting about a 10% rise in average income tax refunds. However, the initial data is showing most Americans are just not spending the windfall. Understandably, they're either saving the money or more often paying down debt. Those are certainly positive in their own way, helping struggling taxpayers repair their own fiscal balance sheets after years of limited income growth and jobs, but from the broader economic perspective it's not what was hoped.  Eurodollar University's Money & Macro Analysis-------------------------------------------------------In a world where markets swing on every headline, focus matters. That's why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on. If you don't have the time to go all the way to the depth of Eurodollar University's comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you. Visit https://eurodollaruniversity.substack.com-------------------------------------------------------Did the 2008 Tax Rebates Stimulate Spending?https://pmc.ncbi.nlm.nih.gov/articles/PMC3522430/Tax Refund Splurge for Many Americans Is Paying Down Debthttps://www.bloomberg.com/news/articles/2026-04-16/higher-2026-tax-refunds-help-us-households-pay-down-credit-card-student-debthttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The IMF is getting nervous. Nervous to the point its chief economist just said the world is already drifting toward their newly minted adverse scenario. What does that mean? It means a collision course with the point of no return. And that point of no return is much closer than you'd think given how the world was in bad shape before the energy shock showed up. The difference between fragile and resilient makes all the difference. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

You know who can't stop talking about the private credit bust? The big bankers. Jamie Dimon is constantly in the media almost too happy to share his negative thoughts. Recently Goldman Sach's David Solomon reminded everyone the credit cycle has not been repealed. But you know who hasn't said a word? Life insurance execs. The companies that write retirement annuities. 2008 was about big banks. 2026 is about big insurance.  Eurodollar University's Money & Macro Analysis-----------------------------------------------------------What is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place.  Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. With our memberships, we'll fill in everything that you've been missing. https://eurodollar.university/memberships -----------------------------------------------------------Life Insurers' Role in the Intermediation Chain of Public and Private Credit to Risky Firmshttps://www.federalreserve.gov/econres/notes/feds-notes/life-insurers-role-in-the-intermediation-chain-of-public-and-private-credit-to-risky-firms-20250321.htmlUS insurance regulators pulling back the curtain on private credithttps://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/3/us-insurance-regulators-pulling-back-the-curtain-on-private-credit-100049804Insurers' $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dusthttps://www.wsj.com/finance/regulation/insurers-1-trillion-buildup-in-private-credit-is-leaving-regulators-in-the-dust-5f84cad8The Rise Of Private Credit In Insurers' Investment Portfolioshttps://www.spglobal.com/ratings/en/regulatory/article/the-rise-of-private-credit-in-insurers-investment-portfolios-s101643158The Rise of Insurance-Linked Capital in Private Credithttps://www.abfjournal.com/the-rise-of-insurance-linked-capital-in-private-credit/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Chinese banks are now trapped which is why China has finally entered an era of full-blown extend and pretend. It's been on the edge of it for some time, but recent data and information out of the country show the banking sector has crossed that threshold into the low-rate trap which has squeezed profitability and left banks to bleed cash. So, more grim lending and credit data from China's central bank just confirms everything including the trap having been sprung.    Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------Underwater Mortgages Force China's Banks to Get More Creativehttps://www.bloomberg.com/news/features/2026-04-06/china-s-housing-crisis-forces-banks-to-confront-underwater-mortgagesChina's largest banks' profits virtually flat as property slump continueshttps://www.reuters.com/world/asia-pacific/chinas-icbc-worlds-biggest-bank-posts-1-profit-rise-2025-2026-03-27/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

With talks between the US and Iran falling apart, there will be renewed focus this week on the Strait of Hormuz, getting it open and restoring traffic. Nearly all the focus so far as been on the energy part of the trade equation, the amount crude oil being able to transit the bottleneck. But there is another key set of commodities that are likewise being held back, and most people don't realize just how big this is. Energy shock, yes, there is also a growing food shock.  Eurodollar University's conversation w/Steve Van MetreWhat is a Eurodollar University membership? It's where understanding the monetary world isn't a mystery—it's a method. If you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place.  Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. With our memberships, we'll fill in everything that you've been missing. https://eurodollar.university/memberships Nations Race to Secure Enough Fertilizer and Prevent Food Crisishttps://www.youtube.com/watch?v=A-Dq0GSd_ckIt's not just oil and gas. The Strait of Hormuz blockage is rattling another vital commodityhttps://www.cnbc.com/2026/03/25/fertilizer-price-iran-war-food-security-inflation-urea-potash-nitrogen-farmers.htmlFAO Chief Economist warns of severe global food security risks from disruption to Strait of Hormuz trade corridorhttps://www.fao.org/newsroom/detail/fao-chief-economist-warns-of-severe-global-food-security-risks-from-disruption-to-strait-of-hormuz-trade-corridor/enhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Repo fails spiked to more than $415 billion. Treasury bill prices are jumping. Prices. US bank dealers are using their record government bond holdings at the same time foreigners are deploying huge amounts of their reserves of the same instruments. Treasuries bonds are all over the shadows and it has nothing do with interest rates or the Fed, except the Fed is providing a lot of the data. What does it all mean? The answer -a critical part of it - can be found in Nigeria. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Target is throwing in the towel on its previous losing strategy. Like many businesses, it tried to raise prices only to find its customers going elsewhere, largely to Walmart. Now Target is slashing its prices including on the towel it just threw in. The retail giant simply has no other choice given the sudden change in consumer behavior we're seeing across the economic landscape.   Eurodollar University's Money & Macro AnalysisTarget cuts prices on 3,000 items as stubborn inflation keeps US consumers on edgehttps://www.reuters.com/business/target-slashes-prices-more-than-3000-products-2026-03-11/Fewer Americans Plan to Travel After Surging Fuel Costs Hit Budgetshttps://www.bloomberg.com/news/articles/2026-04-02/fuel-price-rise-on-iran-war-has-americans-putting-vacations-on-holdNumerator Consumers React to Rising Gas Priceshttps://www.numerator.com/resources/blog/consumers-react-rising-gas-prices/FRBNY SURVEY OF CONSUMER EXPECTATIONShttps://www.newyorkfed.org/microeconomics/sce#/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Several countries across Asia are confirming they experienced major dollar funding losses last month amidst a cash crunch on surging demand for money to buy oil. Officials in Taiwan, Indonesia, India and in other places have had to scramble to contain the monetary pressure, causing several of them to expend significant reserves just to keep their currency values from plunging. Or, plunging more than they did. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------Taiwan's Foreign Reserves Drop Most Since 2011 on Interventionhttps://www.bloomberg.com/news/articles/2026-04-08/taiwan-s-foreign-reserves-drop-most-since-2011-on-interventionBank Indonesia Prioritizes Stability as Rupiah Hits Record Lowshttps://www.bloomberg.com/news/articles/2026-04-07/bank-indonesia-prioritizes-stability-as-rupiah-hits-record-lowsIndonesia's FX Reserves Hit Two-Year Low on Rupiah Defensehttps://www.bloomberg.com/news/articles/2026-04-08/indonesia-fx-reserves-hit-nearly-two-year-low-on-rupiah-defenceIndia's Central Bank Holds Rate, Vows to Curb Volatile Rupeehttps://www.bloomberg.com/news/articles/2026-04-08/india-keeps-key-rate-steady-as-weak-rupee-takes-center-stagehttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Airports are canceling flights right now due fuel shortages and fears they will worsen. Airlines are including those in the US are already raising bag fees and other costs trying to pass along the doubling in jet fuel prices to passengers. Meanwhile, the international energy agency's chief says the current oil crisis is worse than 1973, 1979, and 2022 combined. The thing is, that sounds crazy but sadly it's not and we're just now seeing the preliminary effects of Hormuz at the forefront in air travel. Eurodollar University's Money & Macro AnalysisIf you're serious about your financial education and want clarity in a world of volatility and massive uncertainty, you're in the right place. Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. With our memberships, we'll fill in everything that you've been missing. And coming soon EDU 2.0, an update on Eurodollar University with new designed course material more structured content, including both a browser and smartphone app. Check it out here:https://eurodollar.university/membershipsWorld losing more barrels of oil each day than in two 1970s crises combined, IEA chief says – videohttps://www.theguardian.com/world/video/2026/mar/23/world-losing-more-barrels-of-oil-each-day-than-in-two-1970s-crises-combined-iea-chief-says-videoIEA chief: current oil and gas crisis worse than 1973, 1979, 2022 togetherhttps://www.reuters.com/business/energy/iea-chief-current-oil-gas-crisis-worse-than-1973-1979-2002-together-2026-04-07/Korean travelers left stranded as Mideast turmoil pushes airlines to slash routeshttps://www.koreaherald.com/article/10711811Jet fuel supply concerns grow as war with Iran drags on, airlines cut flightshttps://www.cnbc.com/2026/04/07/iran-war-jet-fuel-airlines.htmlItaly Sets Jet Fuel Limits at Some Airports on Supply Gaphttps://www.bloomberg.com/news/articles/2026-04-05/italy-sets-jet-fuel-limits-at-some-airports-on-supply-shortageDelta Increases Checked Bag Charges by Up to $50 After Fuel Costs Risehttps://www.bloomberg.com/news/articles/2026-04-07/delta-air-will-boost-fees-on-baggage-amid-surging-oil-pricesUnited Airlines hikes checked bag fee by $10 as fuel prices continue to climbhttps://www.cnbc.com/2026/04/02/united-airlines-raises-checked-bag-fees-fuel-prices-climb.htmlJet Fuel Spot Prices Over 60 Days https://www.airlines.org/dataset/argus-us-jet-fuel-index/Iran War Fallout: Airlines Slash Thousands Of Flights Amid Global Fuel Shortageshttps://simpleflying.com/iran-war-airline-flight-cancellations-fuel-shortage/FRBNY SCEhttps://www.newyorkfed.org/microeconomics/sce#/https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Jamie Dimon, the head of the country's largest bank, wrote his annual shareholder letter accompanying the firm's annual report. Filled with numerous charts touting the company's successes and thousands of words reinforcing them, it is a single one that sticks out like a sore thumb and therefore defines the entire effort. And, yes, it is about the private credit situation. Of that, he said “probably.” Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. To watch a replay of our webinar, click below. https://youtube.com/live/dkgSJvjWs5M?feature=shareTo take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:https://www.eurodollar.university/webinar-offer----------------------------------------------------------------------------------https://www.jpmorganchase.com/ir/annual-report/2025/ar-ceo-lettersRecession odds climb on Wall Street as economy shows cracks beneath the surfacehttps://www.cnbc.com/2026/03/25/recession-odds-climb-on-wall-street-as-economy-shows-cracks-beneath-the-surface.htmlhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Almost four hundred thousand American workers dropped out of the labor force in March, setting yet a new low in labor participation. Why? There are no jobs, a fact confirmed by both the employment estimate plus an utterly dismal hiring rate from JOLTS, one that rivaled January and February 2009. There's more, too. S&P Global said the services sector contracted for the first time in three years last month and a decline in its employment index, showing how the oil price shock is already starting to sting. Eurodollar University's conversations w/Steve Van Metre-------------------------------------------------------------In a world where markets swing on every headline, focus matters. That's why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on.If you don't have the time to go all the way to the depth of Eurodollar University's comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you. Visit our Substack page to sign up: https://eurodollaruniversity.substack.com-------------------------------------------------------------S&P Global US Services PMI March 2026https://www.pmi.spglobal.com/Public/Home/PressRelease/cc86952bb550465d9093b048d7bfdeb8https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Oil prices are absolutely soaring...AND CRASHING. Yes, at the same time. The main US petroleum benchmark surged by a whopping $11.42 a barrel on Thursday alone, the last trading day before the Good Friday holiday. And one key benchmark clocked in above $140. Yet, the rest of oil futures aren't soaring at all. In fact, contracts for oil early next year are under $70 per barrel right now - more importantly they've been falling for a couple weeks already.   Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. To watch a replay of our webinar, click below. https://youtube.com/live/dkgSJvjWs5M?feature=shareTo take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:https://www.eurodollar.university/webinar-offer----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

First, we have our "subprime is contained" moment from the Fed. Second, the run on Blue Owl is "unprecedented." Third, and more important than either of those, it's ***who*** is doing the running. In its disclosure, the sad owl let slip the truth underneath more ridiculous spin. When investors demand 20% to 40% out of your top funds, it's finally time to stop pretending this is all nothing. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. To watch a replay of our webinar, click below. https://youtube.com/live/dkgSJvjWs5M?feature=shareTo take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:https://www.eurodollar.university/webinar-offer----------------------------------------------------------------------------------Blue Owl Limits Redemptions on Private Credit Funds After Massive Exit Requestshttps://www.bloomberg.com/news/articles/2026-04-02/blue-owl-bdcs-impose-caps-after-facing-41-22-requests-to-exitBlue Owl struck by $5.4bn of redemption requestshttps://www.ft.com/content/f4320148-3d81-4bd0-9ab6-053a5bade188?syn-25a6b1a6=1Powell: We do not see systemic risks from private credithttps://www.centralbanking.com/central-banks/financial-stability/7975526/powell-we-do-not-see-systemic-risks-from-private-creditCNBC Exclusive: Transcript: Berkshire Hathaway Chairman Warren Buffett Speaks with CNBC's Becky Quick on “Squawk Box” Todayhttps://www.cnbc.com/2026/03/31/cnbc-exclusive-transcript-berkshire-hathaway-chairman-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today.htmlPrivate Credit's CLO Machine Ramps Up in Push to Raise More Cashhttps://www.bloomberg.com/news/articles/2026-04-02/private-credit-s-clo-machine-ramps-up-in-push-to-raise-more-cash

Thanks to Monarch for partnering with me! Start your free trial and get 50% off your first year of total money clarity using my link https://monarchmoney.yt.link/WW7Xqyc or code euro50.Oracle announced it will be laying off tens of thousands of its employees in an attempt to save cash. Not that long ago the company could borrow any insane amount it wanted. In other words, the proposed job cuts at Oracle offer more confirmation of credit market stress. So do the layoffs Block had announced in late February. The cycle has completely flipped, including Fitch admitting one form of selective default is at a 14-year high while UBS locks up one European fund for three years!Eurodollar University's Money & Macro AnalysisOracle cutting thousands in latest layoff round as company continues to ramp AI spendinghttps://www.cnbc.com/2026/03/31/oracle-layoffs-ai-spending.htmlOracle announces Equity and Debt Financing Plan for Calendar Year 2026https://investor.oracle.com/investor-news/news-details/2026/Oracle-announces-Equity-and-Debt-Financing-Plan-for-Calendar-Year-2026/default.aspxUBS gates €400mn property fund for up to 3 yearshttps://www.ft.com/content/67d6e6ab-724c-4e23-b806-51fed911b766?syn-25a6b1a6=1U.S. Private Credit Defaults Ease to 5.4% in February 2026https://www.fitchratings.com/research/corporate-finance/us-private-credit-defaults-ease-to-5-4-in-february-2026-18-03-2026Private Credit's Investor Exodus Spreads to Consumer Loanshttps://www.wsj.com/finance/investing/private-credits-investor-exodus-spreads-to-consumer-loans-de2507d7Non-Cash-Generating Private-Credit Loans Rise to a 14-Year Peak, Fitch Sayshttps://www.wsj.com/articles/non-cash-generating-private-credit-loans-rise-to-a-14-year-peak-fitch-says-02ed4b94https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

The question everyone should be asking themselves right now, this second, is why isn't oil $130 per barrel? Today. Right now. When you look around the world, there are a lot of indications which strongly suggest crude is being drastically underpriced. A lot of it has to do with uncertainty, and I mean that in a very real sense – you don't know if tomorrow the war's over and tanker traffic spools up which means the crude price collapses. But that doesn't fully account for the sheer scale of what's already happened. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------What if your gold could actually pay you every month… in MORE gold?That's exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month.Check it out here: https://monetary-metals.com/snider----------------------------------------------------------------------------------With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust. To watch a replay of our webinar, click below. https://youtube.com/live/dkgSJvjWs5M?feature=shareTo take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:https://www.eurodollar.university/webinar-offer----------------------------------------------------------------------------------Hormuz Tracker: Saudi Crude Heads to Pakistan in Rare Transithttps://www.bloomberg.com/news/articles/2026-03-29/hormuz-tracker-saudi-crude-heads-to-pakistan-in-rare-transitThe Strait of Hormuz Oil Shock Is Now Heading Westhttps://www.bloomberg.com/graphics/2026-iran-war-hormuz-closure-oil-shock/Asia's Air Travel Crisis Risks Spreading on Iran War's Jet Fuel Squeezehttps://www.bloomberg.com/news/articles/2026-03-27/air-travel-crisis-risks-spreading-on-iran-war-s-jet-fuel-squeezePressure Mounts on Europe Diesel Supply as Tankers Turn Awayhttps://www.bloomberg.com/news/articles/2026-03-30/tankers-carrying-diesel-toward-europe-change-course-in-atlantichttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU