For more information on 21shares and to sign up for their newsletter, visit https://bit.ly/3JTI4GQ Subscribe @21Shares on YouTube: https://www.youtube.com/@21shares Follow @21Shares on Instagram: https://www.instagram.com/21shares_/ Follow @21Shares on Linkedin: https://www.linkedin.com/company/21shares-us/ Follow @21Shares on X: https://x.com/21Shares_US ---------------------------------------------------------------- Sign up for our webinar on the Hidden Truth Behind Interest Rates: https://ev...
Sep 24, 2025•23 min•Ep. 1193
A sad report as Argentina's badly-needed chainsaw is running into a bigger one - the eurodollar. President Milie was forced to admit the market is in panic-mode as the peso plunges in a way that's all-too-familiar for eurodollar watchers. Push comes to shove, the latter simply has the biggest chainsaw and it is using the thing that the world needs to be watching carefully. Eurodollar University's Money & Macro Analysis -------------------------------------------------------------------------...
Sep 23, 2025•22 min•Ep. 1192
Foreigners continue their epic buying binge in USTs and US$ assets, totally defying the narrative everyone around the world is ditching America. Despite the intent of so many to make this political, there is nothing political about this, purely economics (small "e"). We keep more evidence and data showing what those really are, and foreigners know it only too well. Eurodollar University's conversation w/Steve Van Metre ************************************** Eurodollar University's One Big Weekly...
Sep 22, 2025•21 min•Ep. 1191
For the first time ever, the Bank of Japan is selling stocks out of its vast portfolio. The announcement shocked the markets though mostly the media. Is this what it seems to be, or does the Japanese government have a trick up its sleeve? A crystal clear answer can be found among Japan's households as this is one of the best examples ever of modern "monetary" policy. Eurodollar University's Money & Macro Analysis -------------------------------------------------------------------------------...
Sep 21, 2025•22 min•Ep. 1190
For more information on 21shares and to sign up for their newsletter, visit https://bit.ly/3JTI4GQ Subscribe @21Shares on YouTube: https://www.youtube.com/@21shares Follow @21Shares on Instagram: https://www.instagram.com/21shares_/ Follow @21Shares on Linkedin: https://www.linkedin.com/company/21shares-us/ Follow @21Shares on X: https://x.com/21Shares_US Another grim stat from US real estate, as plans to build houses slid to the lowest since May 2020. There are more homebuilders cutting prices ...
Sep 20, 2025•20 min•Ep. 1189
What a massive mess. No clear direction. Dots all over he place. And that's just the start. We've got Canada, too. Replay of FOMC decision livestream as Pringles win again.
Sep 18, 2025•28 min•Ep. 1188
China's yield curve is being reshaped in a way that has created confusion across the spectrum. Even policymakers at the PBOC are talking about the need to do something. However, market behavior is consistent with what we're seeing around the rest of the world and how it all relates to China finding a way out of its mess and hitting upon a real recovery. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------- If you want to se...
Sep 17, 2025•23 min•Ep. 1187
For the first time ever, French bond spreads are higher than those seen in Italy (both compared to Germany). This isn't just about "fiscal consolidation" worries and France's government budget, the real issue behind everything is economic differentials. Those need to be turned around and soon else France risks being the new, well, Italy. Eurodollar University's Money & Macro Analysis -------------------------------------------------------------------------------------------------------------...
Sep 16, 2025•22 min•Ep. 1186
The oil business is heading for a big bust, putting Texas in the crosshairs. While that's obviously not good for the economy as a whole, energy does tend to be a leading indicators and when the jobs starting being lost in the space in a big way it's a big red flag. Consumers know it, given what was also just reported from them, too. Eurodollar University's conversations w/Steve Van Metre --------------------------------------------------------------------------- In a world where markets swing on...
Sep 15, 2025•21 min•Ep. 1185
Since the July payroll report came out, something seems to have snapped out there in the offshore eurodollar world. Two key sources are signaling a turn toward substantial tightening. Here we go over what those signals are, how to read them in context, and what they mean going forward. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------- If you want to see what you've been missing - and it's A LOT - then join us at Eurodol...
Sep 14, 2025•22 min•Ep. 1184
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 Yesterday's 10-year note auction produced something we've never seen before, and it totally upended everyone's expectations if not more. With the macro climate...
Sep 12, 2025•22 min•Ep. 1183
For more information on 21shares and to sign up for their newsletter, visit https://bit.ly/3JTI4GQ Subscribe @21Shares on YouTube: https://www.youtube.com/@21shares Follow @21Shares on Instagram: https://www.instagram.com/21shares_/ Follow @21Shares on Linkedin: https://www.linkedin.com/company/21shares-us/ Follow @21Shares on X: https://x.com/21Shares_US It wasn't actually the record downgrade to payrolls that stood out the most. Far more important, the QCEW confirms there is a very good chance...
Sep 11, 2025•20 min•Ep. 1182
A record downward revision to payrolls adds to the evidence the US labor market is in dire shape while also heading in the wrong direction. In this video, we go over not just those details but also look ahead at the possible financial consequences should conditions continue to deteriorate in the way they appear to be. What else might be triggered by job losses in the real economy? More than a few possibilities. Eurodollar University's Money & Macro Analysis ----------------------------------...
Sep 10, 2025•20 min•Ep. 1181
Gold keeps soaring and not because of inflation. We know this without any doubt because as copper prices remain stuck, rising bullion against it has crashed the copper-to-gold ratio down to RECORD LOWS. That isn't about expectations for a crash, instead the market is expressing rising probabilities as to the future. One in which the latest data from FRBNY on job finding expectations fits only too well. Eurodollar University's Money & Macro Analysis -------------------------------------------...
Sep 09, 2025•22 min•Ep. 1180
For more information on 21shares and to sign up for their newsletter, visit https://bit.ly/3JTI4GQ There was one key stat from this week which helps explain the increasingly desperate state of the US labor market, offering background behind the "unexpectedly" weak payroll numbers from Friday. August's estimate was its lowest since...May 2009. Given the connection to employment, it all fits together with so many other signals including record low copper-to-gold. Yep, record low. Eurodollar Univer...
Sep 08, 2025•21 min•Ep. 1179
Payrolls were ugly, a big miss for August on top of revisions to June which pushed the monthly change negative. If that wasn't enough, a rising unemployment rate after a crash in full-time employment. Plus, a plunge in Canadian payrolls punctuate the turning point for North American jobs. Rates were down sharply, no surprise. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------- Eurodollar University's One Big Weekly Theme ...
Sep 06, 2025•32 min•Ep. 1178
It's not what everyone says, watch what they do. Big companies and big banks (JPM, too) are making heavy preparations for sharply lower interest rates. The former, in particular, have basically revived the long-dormant commercial paper market in a clear sign. At the same time, US and global banks are remaking their balance sheets in critical and unambiguous ways. Even some Fed officials are now seeing it, too. R is back to being an ultra-low STAR. Eurodollar University's Money & Macro Analys...
Sep 05, 2025•21 min•Ep. 1177
Dollar Tree says after seeing a major influx of especially middle-income Americans in its stores, it won't be able to raise prices. The latest jobs data leaves absolutely no doubt why that is. According to the turnover stats, the US labor market LOST jobs in June and July. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------------------------------------------------- What if your gold could actually pay you every month… in ...
Sep 04, 2025•21 min•Ep. 1176
After trading conspicuously sideways for the past four months, gold has finally broken out of its range. However, at the same time the US dollar exchange value is threatening to do the same - by moving HIGHER. It's a bad combination: rising gold, higher dollar, and falling interest rates. If any doubts remain about what's really happening, the copper-to-gold ratio leaves everyone no doubt. Eurodollar University's Money & Macro Analysis --------------------------------------------------------...
Sep 03, 2025•19 min•Ep. 1175
Chinese stocks are heading into orbit, taking off like a rocket ever since the US and China reached an agreement to not inflict the worst of trade wars. Curiously, though, the Chinese economy has further deteriorated which means the equity surge is looking more and more like something we've seen before from Shanghai. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------- Eurodollar University's One Big Weekly Theme https://e...
Sep 02, 2025•19 min•Ep. 1174
Once Federal Reserve policymakers start making total sense, that's when you know. Officials are seeing the data the same way(s) we are, meaning a mess in jobs combined with an absence of any sign for tariff inflation. A big one came this week with a leading voice voicing caution and a growing possibility for that September fifty. Eurodollar University's conversation w/Steve Van Metre -----------------------------------------------------------------------------------------------------------------...
Sep 01, 2025•19 min•Ep. 1173
There is no escaping the Pringles can. While the Bank of Canada has been on hold with its rate cutting since March, Canadian GDP, payrolls and even the latest Canadian CPI figures leave no doubt. Plus, the globally synchronized implications will be heard in central bank deliberations worldwide. Eurodollar University's Money & Macro Analysis ------------------------------------------------------------------------------------ I’m excited to share something I’ve negotiated for you guys: you can...
Aug 31, 2025•20 min•Ep. 1172
Two-year Treasury yields set a new almost-year low, falling below their prior April chaos lows. The yield curve is undergoing a profound reshaping that explains a lot more than Jay Powell's Jackson Hole performance. It also perfectly indicates what long-run interest rates are also doing as well as likely to do moving forward. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------------------------------------------------- Wha...
Aug 29, 2025•24 min•Ep. 1171
Consumer fears over jobs increased yet again in August, as did expectations for a recession. Relatedly, two separate sources confirmed housing prices in the US fell yet again in their latest monthly estimates. Related because the one is causing the other; fears over jobs that aren't strictly fears are reducing demand for homes and a whole lot more. Deep down, even Jay Powell knows it. Eurodollar University's Money & Macro Analysis -------------------------------------------------------------...
Aug 27, 2025•20 min•Ep. 1169
France's government is going to collapse again in a couple weeks. While everyone was distracted by trade wars, the underlying schism in politics remained unresolved. France is between a rock and a hard place, trying to fix its budget. Here's the thing: both the rock and the hard place are the same thing. Eurodollar University's Money and Macro Analysis 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 cod...
Aug 27, 2025•20 min•Ep. 1170
Home sales are down. Prices are falling. Inventories are rising. Record number of cancelations. And this is for July, not just a prime sales month in real estate, also three months after the events April. Stocks are soaring and trade deals have been struck. Where are all the buyers? Eurodollar University's Money & Macro Analysis ------------------------------------------------------------------------------------ I’m excited to share something I’ve negotiated for you guys: you can now get a G...
Aug 26, 2025•21 min•Ep. 1168
Something has changed in China. Something big. Bank lending dropped sharply, more than it has. Fixed investment suddenly crashed. Retail sales contracted in a way China hasn't experienced since 2022's lockdowns. The usual economic and financial decay has been taken up a notch, if not two. So, naturally, Chinese stocks are soaring, one final negative signal. Yes, negative. Eurodollar University Money & Macro Analysis ----------------------------------------------------------------------------...
Aug 25, 2025•22 min•Ep. 1167
There were several key points from Jay Powell's speech at Jackson Hole which everyone seems to have missed. The market picked up on them, however, with SOFR futures reacting by pushing its inversion deeper and further out, now early 2027. What Chair Powell meant under everything he said was he finally gets the big Beveridge risk. Eurodollar University's conversation w/Steve Van Metre ------------------------------------------------------------------------------------ I’m excited to share somethi...
Aug 23, 2025•21 min•Ep. 1166
Jay Powell vs. Ronald McDonald? The FOMC yesterday published the minutes of its July meeting which showed a majority of officials believe inflation is the country's greatest threat. So, it was a huge shock when the world's biggest fast-food joint reported - ON THE SAME DAY - it was doing the opposite. Even the FOMC "majority" isn't as solid as it is made to appear, as the minutes also contained one observation that really does align with these real economy facts. Eurodollar University's Money &a...
Aug 22, 2025•20 min•Ep. 1165
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/. Target suffered another quarterly drop in sales. And the reason why was given by the CEO of Home Depot commenting on his own company's struggles. Laying down some truth, for once, these big retailers are...
Aug 21, 2025•31 min•Ep. 1164
