Eurodollar University

Latest Episodes:

OMG! Did You See What Just Happened in China Apr 20, 2026

Show notes

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 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 https://eurodollaruniversity.substack.com

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Banks Just Started Dumping Private Credit onto Insurance Companies Apr 20, 2026

Show notes

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
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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

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ACLI President and CEO David Chavern Responds to April 14th Financial Times Article on Private Credit
https://www.acli.com/posting/acr26-003

Wall Street banks start trading derivatives to bet on pain in private credit
https://www.ft.com/content/54076a09-7a66-44f3-8e70-343f6d601e50?syn-25a6b1a6=1

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

New IRS Tax Return Data Shows People are COMPLETELY Out Of Money Apr 17, 2026

Show notes

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

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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
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Did the 2008 Tax Rebates Stimulate Spending?
https://pmc.ncbi.nlm.nih.gov/articles/PMC3522430/

Tax Refund Splurge for Many Americans Is Paying Down Debt
https://www.bloomberg.com/news/articles/2026-04-16/higher-2026-tax-refunds-help-us-households-pay-down-credit-card-student-debt

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

IMF Just Warned The Oil Crisis Will Push World Toward An Economic Meltdown Apr 16, 2026

Show notes

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

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Check it out here: https://monetary-metals.com/snider

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https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Oh No… Insurance Companies Are the Biggest Risk to Private Credit Apr 15, 2026

Show notes

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

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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

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Life Insurers’ Role in the Intermediation Chain of Public and Private Credit to Risky Firms
https://www.federalreserve.gov/econres/notes/feds-notes/life-insurers-role-in-the-intermediation-chain-of-public-and-private-credit-to-risky-firms-20250321.html

US insurance regulators pulling back the curtain on private credit
https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/3/us-insurance-regulators-pulling-back-the-curtain-on-private-credit-100049804

Insurers’ $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dust
https://www.wsj.com/finance/regulation/insurers-1-trillion-buildup-in-private-credit-is-leaving-regulators-in-the-dust-5f84cad8

The Rise Of Private Credit In Insurers' Investment Portfolios
https://www.spglobal.com/ratings/en/regulatory/article/the-rise-of-private-credit-in-insurers-investment-portfolios-s101643158

The Rise of Insurance-Linked Capital in Private Credit
https://www.abfjournal.com/the-rise-of-insurance-linked-capital-in-private-credit/

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

China Is Making a DESPERATE Move to Save Its $60 Trillion Crisis Apr 14, 2026

Show notes

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

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Check it out here: https://monetary-metals.com/snider

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Underwater Mortgages Force China’s Banks to Get More Creative
https://www.bloomberg.com/news/features/2026-04-06/china-s-housing-crisis-forces-banks-to-confront-underwater-mortgages

China's largest banks' profits virtually flat as property slump continues
https://www.reuters.com/world/asia-pacific/chinas-icbc-worlds-biggest-bank-posts-1-profit-rise-2025-2026-03-27/

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

The Strait of Hormuz Crisis Just Triggered a GLOBAL Food Shock Apr 13, 2026

Show notes

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 Metre

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 Crisis
https://www.youtube.com/watch?v=A-Dq0GSd_ck

It’s not just oil and gas. The Strait of Hormuz blockage is rattling another vital commodity
https://www.cnbc.com/2026/03/25/fertilizer-price-iran-war-food-security-inflation-urea-potash-nitrogen-farmers.html

FAO Chief Economist warns of severe global food security risks from disruption to Strait of Hormuz trade corridor
https://www.fao.org/newsroom/detail/fao-chief-economist-warns-of-severe-global-food-security-risks-from-disruption-to-strait-of-hormuz-trade-corridor/en

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

$415 BILLION in Repo Fails!! The Global Banking Crisis Nobody's Talking About Apr 12, 2026

Show notes

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

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Check it out here: https://monetary-metals.com/snider

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https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Target Just Revealed a Sudden Shift in Consumer Spending Apr 10, 2026

Show notes

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 Analysis

Target cuts prices on 3,000 items as stubborn inflation keeps US consumers on edge
https://www.reuters.com/business/target-slashes-prices-more-than-3000-products-2026-03-11/

Fewer Americans Plan to Travel After Surging Fuel Costs Hit Budgets
https://www.bloomberg.com/news/articles/2026-04-02/fuel-price-rise-on-iran-war-has-americans-putting-vacations-on-hold

Numerator Consumers React to Rising Gas Prices
https://www.numerator.com/resources/blog/consumers-react-rising-gas-prices/

FRBNY SURVEY OF CONSUMER EXPECTATIONS
https://www.newyorkfed.org/microeconomics/sce#/

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Asia Is Running Out of Dollars (Here’s What That Means) Apr 09, 2026

Show notes

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

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Check it out here: https://monetary-metals.com/snider

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Taiwan’s Foreign Reserves Drop Most Since 2011 on Intervention
https://www.bloomberg.com/news/articles/2026-04-08/taiwan-s-foreign-reserves-drop-most-since-2011-on-intervention

Bank Indonesia Prioritizes Stability as Rupiah Hits Record Lows
https://www.bloomberg.com/news/articles/2026-04-07/bank-indonesia-prioritizes-stability-as-rupiah-hits-record-lows

Indonesia’s FX Reserves Hit Two-Year Low on Rupiah Defense
https://www.bloomberg.com/news/articles/2026-04-08/indonesia-fx-reserves-hit-nearly-two-year-low-on-rupiah-defence

India’s Central Bank Holds Rate, Vows to Curb Volatile Rupee
https://www.bloomberg.com/news/articles/2026-04-08/india-keeps-key-rate-steady-as-weak-rupee-takes-center-stage

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

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