With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ Corporate credit is filled with what appear to be contradictions, with some spread categories tumbling to their lowest levels since the late nineties. Yet, delinquencies and risks are rising and doing so in a way everyone is recognizing. So, why the complacency? It's a combination of several cri...
Aug 20, 2025•36 min•Ep. 1163
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/ It's gotten so bad that serious Wall Street commentators are openly talking about yield curve control for Treasuries - just like they did four years ago. Yet, YCC never happened for the same reason it won...
Aug 19, 2025•37 min•Ep. 1162
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/. Don’t miss out! Last month was Amazon Prime "Day" - now four - and after it was over the whole thing just disappeared down a memory hole. Why? Ask the boxes. What box-makers are reporting is getting to b...
Aug 17, 2025•18 min•Ep. 1161
With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ HSBC reported shocking results regarding its Hong Kong real estate loans further establishing the proportions of the credit crisis underway there. The news was, however, in line with recent developments in the city, among its banks, and with their Chinese counterparts. The reason was simple enou...
Aug 15, 2025•22 min•Ep. 1160
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/. Don’t miss out! Oil tumbled today nearing its multi-year low as a massive supply glut hangs over the marketplace. But it's not supply where the glut is coming from. Meanwhile, rates also tumble as everyo...
Aug 14, 2025•22 min•Ep. 1159
With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ Eurodollar University's Money & Macro Analysis https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU
Aug 13, 2025•21 min•Ep. 1158
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/. Don’t miss out! The macro situation is worse this summer compared to last summer, so where's Japan's carry trade? If the July 2024 jobs report provoked a violent financial backlash, you'd think the July ...
Aug 12, 2025•18 min•Ep. 1157
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/. Don’t miss out! Both McDonald's and Wendy's reported this past week that more Americans are skipping breakfast, not for some health fad but increasingly harsh economic circumstances. That view was furthe...
Aug 11, 2025•17 min•Ep. 1156
With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ The July jobs report has sparked an overdue reexamination of a bunch of "truths" everyone has simply take for granted: inflation is the biggest risk, bonds are being rejected because of debt, etc. Goldman Sachs finally decided to check that actual yield curve and was utterly shocked to find zero...
Aug 10, 2025•19 min•Ep. 1155
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/. Don’t miss out! This had never happened before, an unprecedented vote for the Bank of England's Monetary Policy Committee. Despite it, the Pringles can remains undeterred since this is what rate cutting ...
Aug 08, 2025•20 min•Ep. 1154
I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below. All the details and more about Glint are at https://partner.glintpay.com/eurodollar/. Don’t miss out! Everything continues to point directly toward much lower rates, including what is setting up to be a repeat of last summer. As Steve and I said a few days ago in the wake of the unambiguo...
Aug 07, 2025•22 min•Ep. 1153
The Federal Reserve reported a record increase in student loan delinquencies to go with high rates of souring household loans in credit cards and auto lending. The distress is another confirmation of macro deterioration starting with jobs and incomes. And that's just what the latest major economic release on US services showed today -- another alarming drop for employment. Eurodollar University's Money & Macro Analysis ***** EDU's One Big Weekly Thing https://eurodollaruniversity.substack.co...
Aug 06, 2025•20 min•Ep. 1152
Huge moves at the front part of the interest rate curve. Bills did something we haven't seen since April. Meanwhile, forward rates reacted to Friday's payroll numbers with crisis-level hedging and then held those prices today. Why? Simple: payrolls were the last of it. Eurodollar University's Money & Macro Analysis ***** With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://w...
Aug 05, 2025•21 min•Ep. 1151
With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ After a crazy week with everything else going on, copper's historic plunge almost flew under everyone's radar. But now with copper prices getting beyond tariff distortions, settling back in to the fundamentals revealed a shocking development - one that absolutely fits with everything else for th...
Aug 04, 2025•21 min•Ep. 1150
***** To sign up and get started with GlintPay, go to glintpay.com and make sure to use the code SNIDER. ***** The dollar is surging again. And while it's primary the euro taking the other side, just as importantly, if not more importantly, currencies like the rupee are tanking worse. INR hit another record low and that along with the euro's sharp reverse is a canary singing in the eurodollar coalmine...perhaps gasping. Eurodollar University's Money & Macro Analysis https://www.eurodollar.un...
Aug 02, 2025•16 min•Ep. 1149
With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership You can learn more here http://www.monetary-metals.com/Snider/ ****** Eurodollar University's One Big Thing Weekly https://eurodollaruniversity.substack.com/ Eurodollar University's Anniversary Sale https://www.eurodollar.university/sale ****** Housing prices slid even farther in May, echoing previous data which has shown material weakness all across US rea...
Jul 30, 2025•20 min•Ep. 1148
The supply glut was never canceled. Almost everyone and every part of the oil market remains convinced it is happening, the potential weighing on prices and movements even if occasionally geopolitics gains control over short run periods. Important macro updates from Ireland to India further prove why the glut isn't being led by global supply. And if it wasn't enough sharp declines in US usage help clear it up even more. Eurodollar University's Money & Macro Analysis ****** Eurodollar Univers...
Jul 29, 2025•19 min•Ep. 1147
The JGB curve isn't behaving the way it "should", nor is that behavior universal to the entire curve. Not only that, similar patterns are playing out in US$ forward markets like term SOFR futures. Each of these curves are pricing therefore predicting the same general set of future outcomes, and, wildly enough, enormous difficulties in figuring out how and when to get there because of the same reason. Eurodollar University's conversation w/Steve Van Metre ******** If you are in any way interested...
Jul 28, 2025•21 min•Ep. 1146
Assuming the economy continues its downturn as all the major markets are pricing, what would that look like and what should we be looking for? That leads into the question of how deflationary money becomes a deflationary or depression economy in the first place. That means we need to examine economic mechanisms. Eurodollar University's Make It Make Sense ****** Eurodollar University's One Big Thing Weekly https://eurodollaruniversity.substack.com/ Eurodollar University's Anniversary Sale https:/...
Jul 27, 2025•20 min•Ep. 1145
June housing data is in...and it is looking worse for real estate in the US. The Florida market is leading the way. Everyone is blaming "historically high rates" for the growing bust. Not only is that demonstrably false, the real reason has broad implications for interest rates and a lot more. Eurodollar University's Money & Macro Analysis ****** If you are in any way interested in precious metals, you need to see what today's video sponsor, Monetary Metals, is doing with them at the link be...
Jul 25, 2025•21 min•Ep. 1144
The ECB's latest Bank Lending Survey (BLS) adds more evidence to the behavior we've already been chronicling from among Europe's and the world's financial institutions. They are increasingly negative on especially consumers. We know what that means, too: jobs. Eurodollar University's Money & Macro Analysis ****** https://eurodollaruniversity.substack.com/ Eurodollar University's Anniversary Sale https://www.eurodollar.university/sale ****** ECB Second Quarter 2025 Bank Lending Survey https:/...
Jul 24, 2025•22 min•Ep. 1143
There are reports HK bankers are already informally discussing how to structure a "bad bank." Earlier today, other reports said monetary authorities in Hong Kong were circulating the "crisis letter." The situation has taken a turn for the serious, a warning to the rest of the world because what HK is trying desperately to come to grips with is the same major problem as everyone else has, where the bubbles and now busts came from in the first place. Eurodollar University's Money & Macro Analy...
Jul 23, 2025•22 min•Ep. 1142
Payback is finally here? The implications of the latest report on trade suggest we're finally moving far enough away from all the recent distortions to gain a better sense of whether this really is the "main event." One of those warns trade volumes might crash from here. Plus, another critical forward-leaning measure just flashed a recession signal. All of which consistent with market positions. Eurodollar University's Money & Macro Analysis ****** If you are in any way interested in preciou...
Jul 22, 2025•22 min•Ep. 1141
Moody's latest report on credit market dynamics showed a significant increase in the number of distressed borrowers, primarily those relating to private equity. In addition, bank stats show that while everyone else has forgotten about commercial real estate and its underlying bust, domestic banks have not and have been quietly yet persistently reducing their exposures to it. Participants in both sectors are following the same rule of thumb: avoid defaults at all costs. Eurodollar University's co...
Jul 21, 2025•19 min•Ep. 1140
Two major markets, two VERY different conclusions and outlooks. The diverging views and prices revolve around what really happened in April. Was it a one-off overreaction to tariffs? Or was the deflation confirmation of more than just potential volatility? Both markets are doubling and tripling down on their separate views, each reaching record or near-record levels for them. Eurodollar University's Money & Macro Analysis ****** If you are in any way interested in precious metals, you need t...
Jul 20, 2025•19 min•Ep. 1139
Only a week after the Reserve Bank of Australia decided to pause its rate cutting series, the Australian government reported a rash of exceptionally weak labor data, including the highest unemployment rate for the country in four years. RBA wasn't alone; the Bank of England is finding out the same in the same hard way. Central bank rate cut pauses aren't unusual, and they almost always end just like this. Eurodollar University's Money & Macro Analysis ****** If you are in any way interested ...
Jul 18, 2025•21 min•Ep. 1138
Three months ago, hotel operators were confident that the consumer downturn they were experiencing would end being a relatively quick pain. After the tariff matter was finally settled, Americans would sure go back to spending as they always seemed to. Instead, a whole bunch of critical and alarming data out just today has poured oceans of deflationary cold water on the recovery hope. Eurodollar University's Money & Macro Analysis Reuters Hilton cuts 2025 revenue growth forecast as US travel ...
Jul 17, 2025•20 min•Ep. 1137
Five months and little to show for it. Tariffs have been applied for that long, yet consumer prices remain suspiciously tame. The real story isn't the possible pass-through of trade duties, its why that isn't happening on a far broader basis. We got more evidence for why from American bank balance sheets. Eurodollar University's Money & Macro Analysis BLS June 2025 CPI https://www.bls.gov/news.release/cpi.htm Bloomberg US Core CPI Rises Less Than Expected Again Despite Tariff Impact https://...
Jul 16, 2025•20 min•Ep. 1136
Jamie Dimon, CEO of JP Morgan, had some very harsh words and a pointed warning. He said the world was at high risk from tariffs. And while the activities of "his" bank largely agree with the high degree of risk, it's the complete opposite from what Dimon said publicly. This is not the first time this has happened, either. When the risks are greatest, JPM's CEO says one thing while JPM itself does the opposite. Eurodollar University's Money & Macro Analysis ***** If you are in any way interes...
Jul 15, 2025•23 min•Ep. 1135
Asia is suddenly awash in deflation. Japan is now experiencing it. And while not necessarily new for China, the acceleration downward to producer prices hints at deterioration in demand, overseas as well as locally. It's become a big enough change the government in Beijing crucially appears to shifting its own economic focus, a potentially profound worldwide signal. Oh, and Jamie Dimon. Eurodollar University's conversations w/Steve Van Metre https://www.eurodollar.university Twitter: https://twi...
Jul 14, 2025•19 min•Ep. 1134
