Eurodollar University

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

Bond rates have completely reversed course and are falling again despite oil prices that haven’t budged. This is a clear warning that central bankers are already out of time for their rate hikes and inflation scenarios. In fact, inflation expectations in the marketplace which never got high to be begin with have collapsed in an ominous sign. Together with a surge in repo fails and other dollar tightening signals, including a sharp rise in the dollar exchange rate, the bond market is clearly worried the oil shock has blown past the point of no return. 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

Many top European bankers did not do themselves any favors when pressed on the private credit bust, preferring to hide behind semantics or deflect at every chance. One who stood out was Deutsch Bank’s vice chair of global macro who bluntly stated if it wasn’t for Iran the private credit crisis would be all anyone would be talking about right now. For whatever the political spin among the rest of them, European bank balance sheets don’t lie. Wait until you see what they’ve been up to. 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----------------------------------------------------------------------------------Think private credit fears are overblown? Think again, says Deutschehttps://www.afr.com/markets/equity-markets/think-private-credit-fears-are-overblown-think-again-says-deutsche-20260327-p5zj5nPrivate Credit Jitters Put European Banking Chiefs on Defensehttps://www.bloomberg.com/news/articles/2026-03-19/private-credit-jitters-put-european-banking-chiefs-on-defenseECB to Start Fresh Checks on Banks’ Private Credit Exposureshttps://www.bloomberg.com/news/articles/2026-03-24/ecb-to-start-fresh-checks-on-banks-exposure-to-private-creditGerman Business Outlook Sinks as Iran Puts Recovery ‘on Ice’https://www.bloomberg.com/news/articles/2026-03-25/german-business-outlook-sinks-as-iran-war-puts-recovery-on-icehttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

It’s only been a little less than a month, but the economic and financial fallout from the Iran conflict is already taking shape as we search for that point of no return. Sentiment has dropped, economic activity is threatened, even stocks are now in correction territory across the board. While central bankers especially over in Europe are in full-blown inflation panic, it’s a much different story emerging from the real economy. This thing is quickly taking on all the characteristics of a full-blown oil shock. Eurodollar University's conversation w/Steve Van Metre----------------------------------------------------------------------------------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

The oil shock has moved way beyond merely being a price problem. The blockage at Hormuz has already created a very real physical shortage of fuel across much of Asia, and it’s now threatening to hit Europe according to the CEO of Shell Energy. It’s only been about four weeks but we’re seeing major disruptions already, from Australia to South Korea, India, Egypt. Among the hardest hit is the Philippines. There are reports today some airlines are being told to plan for rationing fuel in a few places. 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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------Australia Fuel Crunch Expands to Hundreds of Gas Stationshttps://www.bloomberg.com/news/articles/2026-03-24/australia-fuel-shortages-expand-to-hundreds-of-service-stationsSecuring Australia’s fuel supplyhttps://www.energy.gov.au/news/securing-australias-fuel-supplyEgypt mandates new closing time for malls and cafes to curb energy usehttps://www.egyptindependent.com/egypt-mandates-new-closing-time-for-malls-and-cafes-to-curb-energy-use/India Turns to Dirty Fuels to Fight Crippling Supply Squeezehttps://www.bloomberg.com/news/articles/2026-03-12/india-turns-to-dirty-fuels-to-fight-off-worst-supply-disruption-mmnfhzzsMarcos promises 'flow of oil' as Philippines declares energy emergencyhttps://www.bbc.com/news/articles/c3ex8ez3717oAirline boss flags possible fuel rationing in Philippines as supplies dwindlehttps://www.scmp.com/news/asia/southeast-asia/article/3347804/airline-boss-flags-possible-fuel-rationing-philippines-supplies-dwindleSigns of Jet Fuel Hoarding Emerge in Asia on Iran Oil Shockhttps://www.bloomberg.com/news/articles/2026-03-25/signs-of-jet-fuel-hoarding-emerge-in-asia-after-iran-oil-shockShell Boss Warns Europe Is Next After Asia Suffers Fuel Squeezehttps://www.bloomberg.com/news/articles/2026-03-24/shell-boss-warns-europe-is-next-after-asia-suffers-fuel-squeezeOil giants raise the alarm over energy shortages as Iran war drags onhttps://www.cnbc.com/2026/03/25/iran-war-oil-shell-totalenergies-energy-strait-of-hormuz.htmlS&P Global March 2026 US PMIshttps://www.pmi.spglobal.com/Public/Home/PressRelease/adc91b5cf42442cbb220d5b66b64ec7dIndian police manage long lines as panic grows over fuel shortageshttps://www.aljazeera.com/video/newsfeed/2026/3/25/indian-police-manage-long-lines-as-panic-grows-over-fuel-shortageshttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Another major development in private credit crisis - yes, it is a crisis now. Moody's downgraded a $13 billion KKR co-managed private credit fund, citing "asset quality challenges." This is a huge escalation for three key reasons we'll go over here.----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------Retail investors pull billions from private capital’s credit gold minehttps://www.ft.com/content/3103e960-5e54-4cff-a439-b61a77ab21bd?syn-25a6b1a6=1Blackstone’s Gray: Market ‘noise’ fueled record redemptions from world’s largest private credit fundhttps://www.cnbc.com/2026/03/03/blackstone-private-credit-fund.htmlMoody's https://ratings.moodys.com/ratings-news/461835

Blackstone’s $83 billion BCred fund just reported its first monthly loss due to actual credit problems. However, it’s never credit losses that kill you; it’s always the forced selling, the liquidations. Financial crises begin with small credit losses and then snowball into something far greater because the issues here aren’t numbers on a spreadsheet and seemingly reasonable expected loss calculations. This all comes down to trust and information. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------Jon Gray Blackstone Presidenthttps://x.com/blackstone/status/2035088934753935648?Blackstone Private Credit Fund Has First Monthly Loss Since 2022https://www.bloomberg.com/news/articles/2026-03-20/blackstone-private-credit-fund-has-first-monthly-loss-since-2022Private Credit Firm Ares Holds Town Hall to Reassure Staff on Market Volatility https://www.bloomberg.com/news/articles/2026-03-11/ares-holds-townhall-to-reassure-staff-on-market-uncertaintiesAres CEO Says UBS Call on 15% Private Debt Default ‘Absolutely Wrong’https://www.bloomberg.com/news/articles/2026-03-03/arougheti-says-15-private-debt-default-call-absolutely-wrongNew York Fed Sells Remainder of Maiden Lane LLC Securities; Approximately $2.5 Billion Net Gain Generated for U.S. Public from the Portfoliohttps://www.newyorkfed.org/newsevents/news/markets/2018/an180918Maiden Lane Transactionshttps://www.newyorkfed.org/markets/maidenlane.htmlhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Global financial markets are all over the place. We’ve talked about commodities being crushed, getting liquidated due to serious and underappreciated funding stress. The other side of that, rising dollar and flight to safety. And on the flipside, growing risk aversion which has markets especially overseas rolling over. Meanwhile, bonds are struggling because central banks are beginning to really panic especially over in Europe.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----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Liquidations, not mere selling. There's more going on behind the scenes than you think. Critical metals being liquidated means a growing worldwide dollar problem. Possibly a big one. While central bankers are running around talking about rate hikes because they wrongly believe oil prices are inflationary, where it actually matters we’re already seeing the total opposite only starting with gold’s worst week in forever. Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------Global Risks Renew Dollar Demand in the Currency Swaps Markethttps://www.bloomberg.com/news/articles/2026-03-03/global-risks-renew-dollar-demand-in-the-currency-swaps-marketThe Dollar's Double Life: Not All Dollar Appreciations Are Born Equal for the Cross-Currency Basishttps://onlinelibrary.wiley.com/doi/full/10.1002/fut.70081https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Sales of newly built homes crashed by a massive 17.6% in January, with a 44% drop in the Northeast and 34% slide in the Midwest. Of course, everyone is trying to blame it on weather but sales were already weakening in December and those in the Western part of the country were down by a whopping 22%. It’s now like we’ve haven’t been following a macro bust in the property sector. Economists just don’t want to admit rate cuts didn’t produce the recovery they were expecting. And now homebuyers have to deal with volatility across interest rates because central bankers are doing exactly what we thought they would in response to the oil shock. 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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

McDonalds is doing it again as the economy is now in a race against time. The fast food giant is creating a $3 value deal after having brought back the $5 value menu in the middle of 2024. The timing wasn’t an accident back then. That previous time, it was confirmation the labor market had indeed shifted to flat Beveridge - even if it took almost those two years for the payroll data to finally and fully pick up on it. But in company after company, we’re seeing major changes, not just McDs. Pepsi. Dollar Tree. 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----------------------------------------------------------------------------------Diesel tops $5 a gallon for the first time since 2022. Here's what it means for the economy.https://www.cbsnews.com/news/diesel-prices-5-dollars-gallon-economic-impact/Dollar Tree Winning Wealthier Shoppers With Higher-Priced Itemshttps://www.bloomberg.com/news/articles/2026-03-16/dollar-tree-falls-after-annual-outlook-disappoints-investorsMcDonald’s newest $3 value menu is sounding an alarm about America’s K-shaped economyhttps://www.msn.com/en-us/money/companies/mcdonald-s-newest-3-value-menu-is-sounding-an-alarm-about-america-s-k-shaped-economy/ar-AA1YQVnZhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

It was maybe inevitable that the oil shock would lead to a dollar shock especially around Asia. The sudden, sharp rise in oil prices is essentially a margin call in dollars which hits the biggest energy importers the hardest. Today, the biggest economy in Southeast Asia just tightened currency controls restricting dollar availability there, and confirming the monetary situation is in a precarious position 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----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Meta Platforms is reportedly considering laying off over 20% of its workforce. The company didn’t confirm anything, but it also didn’t deny the thrust of the rumor, either. The purpose of these theoretical job cuts does not appear to be replacing employees with AI bots, instead it sure looks like the company is trying desperately to conserve a lot cash which raises a bunch of questions about debt and debt markets.Eurodollar University's Money & Macro Analysis----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------Meta planning sweeping layoffs as AI costs mount: Reutershttps://www.cnbc.com/2026/03/14/meta-planning-sweeping-layoffs-as-ai-costs-mount-reuters.htmlBIS Financing the AI infrastructure boom: on- and off-balance sheet borrowinghttps://www.bis.org/publ/qtrpdf/r_qt2603u.htmHow AI Companies Are Keeping Debt Off Their Balance Sheetshttps://www.bloomberg.com/news/articles/2025-10-31/meta-xai-starting-trend-for-billions-in-off-balance-sheet-debthttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Deutsche Bank. Wells Fargo. Both global systemically important banks are sitting here watching their stocks get pounded in the same way as BlackRock or Blackstone. Thankfully, not as bad as Blue Owl. Yet. And it is for the same reason. We know the private credit industry and shadow banks are in really bad shape. Markets are already looking outside of them to who might be next to have pay for really bad decisions. Eurodollar University's conversation w/Steve Van Metre----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------'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.htmlUS Economy Lost Some Momentum, Inflation Held Firm Ahead of Warhttps://www.bloomberg.com/news/articles/2026-03-13/us-consumer-spending-barely-rose-in-january-inflation-stronghttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

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----------------------------------------------------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web----------------------------------------------------------------------------------https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

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.-------------------------------------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. Sign up below:https://eurodollar-university.com/home-page-web-------------------------------------Cliffwater’s $33 Billion Private Credit Fund to See 7%-Plus Redemptionshttps://www.bloomberg.com/news/articles/2026-03-10/cliffwater-s-private-credit-fund-said-to-see-7-plus-redemptionsPimco Sees Crisis of ‘Bad Underwriting’ in Private Credithttps://www.bloomberg.com/news/articles/2026-03-11/pimco-blames-sloppy-underwriting-for-private-credit-reckoningCliffwater in market with $1B private credit secondary salehttps://pitchbook.com/news/articles/cliffwater-in-market-with-1b-private-credit-secondary-saleJPMorgan Restricts Private Credit Lending After Markdownshttps://www.bloomberg.com/news/articles/2026-03-11/jpmorgan-marks-down-private-credit-portfolios-ft-reportsSomething 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