Eurodollar University

Latest Episodes:

No One Is Talking About What Just Happened in Canada Mar 15, 2026

Show notes

A simply brutal reminder from Canada about the real state of the global economy. The Canadians backed up the US payroll number for February, except in Canada it was the largest loss of jobs since 2022. As one big bank economist put it, this is a “simply brutal” result. While everyone has been talking, really hoping for reflation maybe recovery, the opposite keeps showing up instead. Especially where it comes to employment.

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

----------------------------------------------------------------------------------

Join us for our free webinar Thursday March 26, 2026 at 6pm ET. 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.

----------------------------------------------------------------------------------

'Simply brutal': Canada lost 84K jobs in February; unemployment rises to 6.7%
https://ca.finance.yahoo.com/news/simply-brutal-canada-lost-84k-jobs-in-february-unemployment-rises-to-67-123843924.html

US Economy Lost Some Momentum, Inflation Held Firm Ahead of War
https://www.bloomberg.com/news/articles/2026-03-13/us-consumer-spending-barely-rose-in-january-inflation-strong

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

HOLY SH*T! Now its Morgan Stanley... Mar 13, 2026

Show notes

Now it’s Morgan Stanley’s turn. Yesterday it was Cliffwater. Before that BlackRock and Blackstone. Of course Blue Owl. Morgan Stanley’s $8 billion North Haven Private Income Fund becomes the latest shadow banking giant to both get hit with massive investor withdrawals and to deny most of them. Cliffwater also decided it was going to do the same. No wonder you keep hearing more and more people make 2008 comparisons – and there’s one more you definitely need keep in mind.

Eurodollar University's Money & Macro Analysis

----------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------

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

Oh Sh*t... Another $33B Private Credit Fund Is Blowing Up... Mar 12, 2026

Show notes

It is beginning to look more and more like a slow-motion shadow bank run. Yet another massive fund hit with largescale withdrawals. Not only that, the liquidity pressure also led to more asset sales. But those aren't even the worst of the day's news: that comes from JP Morgan and it has to do with COLLATERAL.

-------------------------------------

Cliffwater’s $33 Billion Private Credit Fund to See 7%-Plus Redemptions
https://www.bloomberg.com/news/articles/2026-03-10/cliffwater-s-private-credit-fund-said-to-see-7-plus-redemptions

Pimco Sees Crisis of ‘Bad Underwriting’ in Private Credit
https://www.bloomberg.com/news/articles/2026-03-11/pimco-blames-sloppy-underwriting-for-private-credit-reckoning

Cliffwater in market with $1B private credit secondary sale
https://pitchbook.com/news/articles/cliffwater-in-market-with-1b-private-credit-secondary-sale

JPMorgan Restricts Private Credit Lending After Markdowns
https://www.bloomberg.com/news/articles/2026-03-11/jpmorgan-marks-down-private-credit-portfolios-ft-reports

Something on Wall Street 'Smells Like' 2008, Says Former Goldman Sachs Chief. Here's What It Is.
https://www.investopedia.com/private-credit-stress-smells-like-2008-says-former-goldman-sachs-chief-blankfein-11920345

Texas Just Triggered a Housing Market Warning Mar 11, 2026

Show notes

We’ve been covering the macro housing bust for some time, and while it’s still there another major problem has come up and for the same reasons. Mortgage delinquencies and even foreclosures have come into the conversation, especially in places like Texas. Rates continue to tick lower but no one is buying houses, home price growth has completely stalled, and now more borrowers are falling behind on their loans.

Eurodollar University's Money & Macro Analysis

----------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------

NAR Existing-Home Sales Report Shows 1.7% Increase in February
https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-1-7-increase-in-february

Cities With the Highest Mortgage Delinquency Rates
https://wallethub.com/edu/cities-mortgage-delinquency-rates/141263

VantageScore CreditGauge™ January 2026: Mortgage Delinquencies Rise as Early-Stage Credit Stress Broadens Across Borrowers
https://vantagescore.com/resources/knowledge-center/press_releases/vantagescore-creditgauge-january-2026-mortgage-delinquencies-rise-as-early-stage-credit-stress-broadens-across-borrowers

Mortgage Delinquencies Increase in the Fourth Quarter of 2025
https://www.mba.org/news-and-research/newsroom/news/2026/02/12/mortgage-delinquencies-increase-in-the-fourth-quarter-of-2025

HOUSEHOLD DEBT AND CREDIT REPORT
https://www.newyorkfed.org/microeconomics/hhdc.html

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

Something Just Broke in the Global Markets Mar 10, 2026

Show notes

Chaos at the Asian open last night with uncontrolled panic buying sending oil prices up to as high as $120 per barrel. Thankfully, they backed down and actually ended the day down by 8%. Still, that wild ride isn't good, indicating the world is really struggling with the oil challenge. We're already seeing significant fallout across the world, from dollars to stocks.

Eurodollar University's Money & Macro Analysis

-------------------------------------

Oil Near $120 Sparks ‘Stampede to Sell’ in Stocks and Bonds
https://www.bloomberg.com/news/newsletters/2026-03-09/oil-near-120-sparks-stampede-to-sell-in-stocks-and-bonds

Broad agreement in G7 not to release oil reserves just yet, says G7 official
https://www.reuters.com/business/energy/broad-agreement-g7-not-release-oil-reserves-just-yet-says-g7-official-2026-03-09/

Oil Market Chaos to Deepen as More Gulf Giants Cut Output
https://www.bloomberg.com/news/articles/2026-03-08/oil-market-chaos-set-to-deepen-as-more-gulf-giants-cut-output

$100 Oil Shock Set to Strain Asia’s Cash-Strapped Governments
https://www.bloomberg.com/news/articles/2026-03-09/-100-oil-shock-set-to-strain-asia-s-cash-strapped-governments

Japan’s Nikkei Enters Correction as Oil Spikes, Iran Fears Weigh
https://www.bloomberg.com/news/articles/2026-03-08/japan-equities-set-to-resume-fall-on-escalating-middle-east-woes

Price Caps, Rationing and Stockpiling: Alarm Swells Over Oil Disruptions
https://www.nytimes.com/2026/03/09/business/iran-oil-gas-asia.html

Yardeni Raises Odds of US Market Meltdown to 35% on Iran War
https://www.bloomberg.com/news/articles/2026-03-09/yardeni-raises-odds-of-markets-meltdown-to-35-on-iran-war-risks

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

Oil Shock + Job Losses + Credit Crisis… This Is Bad Mar 09, 2026

Show notes

Not one but two negative payrolls. That’s what we got from the latest update on the employment situation, a double dose of flat Beverage amidst a historic week in the oil market and another major escalation in the private credit bust. And all these things go together. The looming oil shock is coming at the worst possible time with employment already in this bad shape. And private credit, well, as I’ve been telling since last summer, negative payrolls would change everything.

Eurodollar University's conversation w/Steve Van Metre

----------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------

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

Oil Just Made a Historic Move (This Is Very Bad) Mar 08, 2026

Show notes

Chaos in the energy patch sent both prices and spreads exploding. It was the latter - the blowout in spreads - that is now the most concerning for what it says about this growing oil shock. At almost historic levels, just a nickel short of setting a new record, this kind of intensity and upset is alarming. Here's why and what you need to know.

Eurodollar University's Money & Macro Analysis

Private Credit Crisis Begins: BlackRock Blocks Investors in $26 Billion Fund Mar 07, 2026

Show notes

BlackRock's flagship private credit fund is getting hit with so many withdrawals the company has no choice but to start blocking these requests. It's another major escalation pointing to even more anxiety and maybe some panic in the credit market. The fact this shows up on a day when payrolls went negative yet again and oil has gone nuclear should not be dismissed, either.

BlackRock Private Debt Fund Slumps After Slashing Dividend
https://www.bloomberg.com/news/articles/2026-03-05/blackrock-slashes-another-private-loan-value-from-100-to-zero

BlackRock Slashed Private Loan Value From 100 to Zero
https://www.bloomberg.com/news/articles/2026-02-27/blackrock-private-debt-fund-slumps-after-slashing-dividend

BlackRock limits redemptions at private credit fund as outflows swell
https://www.ft.com/content/2336fccb-745d-4f3b-8ade-d84f0027e70f

Oil Just Sent a Terrifying Warning to the Entire Economy Mar 06, 2026

Show notes

Energy prices renewed their surge higher today. As it stands, WTI is now just shy of $80 per barrel, up 22% in a week. Wholesale gasoline is now above $2.60 per gallon, a 30% rise since last Thursday. These are the biggest short-term energy spikes we’ve seen since 2022. Because of that, we have to start seriously considering various potential paths for this burgeoning oil shock, up to and including a 1990 scenario where conflict in the Middle East sent energy prices skyrocketing and tipped a weak economy here and around the world into full-blown recession.

Eurodollar University's Money & Macro Analysis

Swiss Central Bank Just Sent a HUGE Warning to the World Mar 05, 2026

Show notes

The Swiss National Bank just issued a very rare warning hinting at currency intervention in the franc. While there is a mini-panic mainly in the mainstream media over oil being inflationary, look instead at what is going on in Switzerland and how it got to be this way. The last few years of consumer prices and interest rates. They are instructive about what we should expect everywhere else – including what happens when the world gets hit with a major oil spike.

Eurodollar University's Money & Macro Analysis

----------------------------------------------------------------------------------

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

----------------------------------------------------------------------------------

SNB Touts Intervention Threat as Iran Crisis Rattles Markets
https://www.bloomberg.com/news/articles/2026-03-02/snb-says-increasingly-prepared-to-intervene-in-fx-markets

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected