What's New for Eurodollar University Members - Eurodollar University

What's New for Eurodollar University Members - Eurodollar Universityhttps://www.eurodollar.university/whats-new/Wed, 27 May 2026 04:04:03 +0000en-USSite-Server v@build.version@ (http://www.squarespace.com)Q&A #205Jeff SniderWed, 27 May 2026 04:04:03 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra-flrpy-e6nkr-w4jkx-b2ywf-zx6wr-tlds662b9e19d9649156910ed385a:632369d56a7b741339a328f2:6a166ce21a821a3546ff8b49@koljoneninvest8723: What would need to happen for credit impulse to slow down materially? @Albertletoride-hz7oj: What do you think of the MOVE index as a proxy for repo health and money circulation ? @jpcbrasil: hi Jeff, I am JC from Brasil. Where can we get SOFR term and futures? Tradingview? @ianrayner7522: Hi Jeff. I am confused about "term SOFR" vs. "SOFR futures". In recent YT video you show term SOFR declining. SOFR futures seem to be implying rising rates. Help me understand the difference. @TheClanBuchanan: Good evening from the UK, Jeff. Ironically or not, am sat here reading Edward Chancellor’s ‘The Price of Time’. @pnice494: Thoughts on AI spending, build outs and will the investments be stable or could it go the way of private credit? @TheClanBuchanan: What do you think are key risks on the global credit markets of the seemingly inexorable climb in the Japanese 10 year bond yield? @TJ25-c9b: Thoughts on the long term bond market once everything pans out? TIPS market showing inflation will go down even though it’s inflated on the short term causing stagflation concerns currently

]]>Q&A #205Conundrum #2: Lowest LowsJeff SniderMon, 25 May 2026 04:05:00 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-byyz8-kn47s-ls4hz-8d94y-j96el62b9e19d9649156910ed385a:632369d56a7b741339a328f2:6a13ca1ff311fb77c858f914If low rates are stimulative like we’re told, then why didn’t the 1930s boom? Or Japan in the 90s? How about Europe with negative rates in the 2010s? China 2020s? Real world experience doesn’t just seem to run contrary to everything we’re taught about rates, it always does. That record goes far back to the very beginnings of the modern industrial economy and its always-evolving monetary system. Through it all, interest rates have behaved consistently. It’s Economics that has changed; or tried to.

]]>Conundrum #2: Lowest LowsQ&A #204Jeff SniderThu, 21 May 2026 03:33:07 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra-flrpy-e6nkr-w4jkx-b2ywf-zx6wr62b9e19d9649156910ed385a:632369d56a7b741339a328f2:6a0e7caa2c164318ca4a654eNew Fed Series. Conundrum 2 @yobsme (YouTube): I am heavily infested in energy, why don't we see a jump in energy stocks? @Shawn0patrick (YouTube): Can you talk about USDJPY bounce off 160? @andrewc3881 (YouTube): What are you measuring when you talk about the unwind of the basis trade? How can we watch that? @bestfriendhank1424 (YouTube): Jack Farley had a guest on the other day that more or less said there’s nothing wrong in PC

]]>Q&A #204Weekly Recap #158Jeff SniderThu, 21 May 2026 03:29:04 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c-7z3da-6rfth-8cpmk-tar2m-gfcbl-xwmld62b9e19d9649156910ed385a:632369d56a7b741339a328f2:6a0e7bc8011d4549de0b57ceChina really goes down. Loans contract. HH borrowing worst on record. Spending & investment crashed. Dollar shock India gold. US spending. Consumers no inflation.

]]>Weekly Recap #158Weekly Recap #157Jeff SniderFri, 15 May 2026 04:11:45 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c-7z3da-6rfth-8cpmk-tar2m-gfcbl62b9e19d9649156910ed385a:632369d56a7b741339a328f2:6a069ccfddc23120791b485fPayrolls payroll. Employment down again. Dropouts jump. Job cuts rise. Ugly CPI. Only gas (& shelter). Uglier PPI. Wholesale gas keeps going. Retail gas nearing five. Rates up.

]]>Weekly Recap #157Q&A #203Jeff SniderThu, 14 May 2026 13:22:00 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra-flrpy-e6nkr-w4jkx-b2ywf62b9e19d9649156910ed385a:632369d56a7b741339a328f2:6a05cc2ae94c3e587ec01d2e@mariogomez3745 (YouTube): Hi Jeff!! Long time to ask!! I have been following closely 🙂 Could you explain the main difference between on and off-the-run treasuries and why the on-the-run are more liquid and appreciated ? @Albertletoride-hz7oj (YouTube): Hi Jeff. You often ask what could eventually replace the eurodollar system. Could mega-cap corporate liabilities become quasi-money in a kind of techno-feudal world ? @tombrady7991 (YouTube): Is there anything besides prices to focus on and see if the Oil shock is reaching a critical point for the economy? @dubiousdandy904 (YouTube): Chinese household incomes continue to deteriorate, as does quality of real estate debt. Should we expect toxic waste in Chines debt markets? -that's tied to regional governments and offshore leverage. @dubiousdandy904 (YouTube): Chinese household incomes continue to deteriorate, as does quality of real estate debt. Should we expect toxic waste in Chinese debt markets?-that's tied to regional governments and offshore leverage. @dubiousdandy904 (YouTube): Blue Owl court got me thinking about the relationship for pricing and valuations in private credit. There are textbook definitions of valuation methods, but what might be EDU/red-pilled explanations? @gratefuldad327 (YouTube): Anything notable about upcoming June quarterly collateral crunch? @tombrady7991 (YouTube): Vs. '08 there seems to be more smaller scale threats. Private Cred, commercial RE, Asset bubble, Foreign weakness (China), resi real estate if Melody Wright is right. Is Domino effect the threat here? @dubiousdandy904 (YouTube): Jeff, are you looking forward to the next quarterly TIC data? I wonder what it might say about resales vis-à-vis the UAE and - perhaps more importantly - India, along with the Fed H.4.1 data.

]]>Q&A #203The Federal Reserve Part 1: Creature's OriginsJeff SniderSun, 10 May 2026 03:28:56 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-byyz8-kn47s-ls4hz-8d94y62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69fffb1fae1992566b06cca2The Federal Reserve started out, believe it or not, as a noble idea, though one that perhaps no bureaucracy could ever have lived up to. There were flaws in the design from the very start. But to really understand what the Fed is today, and why there is so much controversy surrounding it, you first have to appreciate where the thing really came from. In a word: elasticity.

]]>The Federal Reserve Part 1: Creature's OriginsQ&A #202Jeff SniderSat, 09 May 2026 01:28:28 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra-flrpy-e6nkr-w4jkx62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69fe8d755f82fd4a86b15448@mattkeinath4153 (YouTube): Brent Johnson believes the Iran conflict was a way for the US to continue to handicap China while also hoping to make own inroads. Venezuela being another conflict for the same reasons. Agree? @bestfriendhank1424 (YouTube): Which hand do you carry your briefcase in Jefff??? @weareborg2112 (YouTube): Isn't Capitalism itself a religion, then? @mattkeinath4153 (YouTube): Assume everyone saw the news about OpenAI being insured about revenues and ability to pay those it owes money? @mattkeinath4153 (YouTube): *unsure @wildcryptox (YouTube): Cold War 2.0 = Debt Great Reset 1.0 ?? @jumptube (YouTube): You mentioned employment/payrolls suffers when oil rises and is a reason a rise in oil is not inflation. What would be a few others that suffer?

]]>Q&A #202Weekly Recap #156Jeff SniderFri, 08 May 2026 04:07:51 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c-7z3da-6rfth-8cpmk-tar2m62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69fd6152354c2668b9bed23cGlobal GDPs. US miss. Euro almost zero. Mexico big contraction. American income drops again. Spending soft. Here comes $5 gas. Central bank Trichets. House prices. PMIs.

]]>Weekly Recap #156Weekly Recap #155Jeff SniderFri, 01 May 2026 14:51:44 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c-7z3da-6rfth-8cpmk62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69f4bdce52088d66f863d7ceEnergy shock. Dollar shock. Political shock: UAE leaves OPEC. Central bank hawks hold. Stocks keep soaring. Macro sentiment tanks. Services getting hit. Artificial manufacturing.

]]>Weekly Recap #155Q&A #201Jeff SniderWed, 29 Apr 2026 03:31:37 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra-flrpy-e6nkr62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69f17b1dd9e2d45374223881@Albertletoride-hz7oj (YouTube): Read Goghie and Murau. Great works. Are you aware of other academics studying the plumbing ? Brendan Greeley and Paul Blustein each releasing a book on eurodollar. Setser and Pettis praising it. @jespitia88 (YouTube): Can you explain the divergence in futures oil prices and current cash prices and what that means for the economy by the summertime @dubiousdandy904 (YouTube): Since going from forgot-how-to-grow to remembering-how-to-flat Beveridge and worse, we had a succession of front-loading of demand events. Should there be a point when front-loading capacity ceases? @ChìHóngMāo (YouTube): Good after noon, i suppose that our worlds current state is a preview on whats to come. What is most likely for united states goverment's lifespan? @mattkeinath4153 (YouTube): If spending by govt isn't the answer to the Silent Depression, does that mean the only way out is via a new system? further, does that mean the Eurodollar system continuing means it never ends? @weareborg2112 (YouTube): Hate to ask. What about gold? @bestfriendhank1424 (YouTube): The Fed is a religion. No different than current religions. One must “just believe” and don’t ask any sensible questions. @yobsme (YouTube): cant the government just take your gold anyways? as they have before. @mattkeinath4153 (YouTube): Brent Johnson believes the Iran conflict was a way for the US to continue to handicap China while also hoping to make own inroads. Venezuela being another conflict for the same reasons. Agree?

]]>Q&A #201Q&A #200Jeff SniderSun, 26 Apr 2026 04:16:13 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra-flrpy62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69ed914f03fff270ee6780aaSpecial #200 Q&A episode taking a long look at the status of the dollar and Treasury market. Not just questions which come up often, they are back again at the forefront with the Iran conflict and all the usual misconceptions, myths, and mistakes.

]]>Q&A #200Weekly Recap #154Jeff SniderFri, 24 Apr 2026 03:44:53 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c-7z3da-6rfth62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69eae704d857433cc092787eOil bubbling. Rates not moving. Gas spending. No consumer production. PPI tame. China GDP beat. Still deflation. Retail sales joke. Flat Beveridge? UK jobs down. Workers drop out.

]]>Weekly Recap #154Weekly Recap #153Jeff SniderFri, 17 Apr 2026 04:23:58 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c-7z3da62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69e1b5a10d21da0ce3105178Oil steady. Rates steady. CBs steady (for now). Repo fails. Bill sees them. Reserves disappear. GDP. Income falls. Real income, too. Spending flat. China banks again. Canada no jobs.

]]>Weekly Recap #153Q&A #199Jeff SniderThu, 16 Apr 2026 05:12:29 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h-9fcra62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69e06f5d385f68112b9fe167@Albertletoride-hz7oj (YouTube): Hi Jeff. I reckon bonds are you favorite financial assets to study and deal with. How would you see treasuries, gilts and EM sovereings (lets say Brazilians!) behaving in the oil shock we are facing ? @gratefuldad327 (YouTube): Please confirm that Iran insisting on oil and toll payment in Yuan is just noise? Could this kind of tactic ever displace dollar as GRC? @ianrayner7522 (YouTube): Jeff do you have any view on BitCoin vs Ethereum vs Solana? Do they have significantly different characteristics and what are the implicaations? @andrewsisson476 (YouTube): When do I buy TLT? @edwardsodke5860 (YouTube): Would you invest in gold or forign equities for insurance? @georgeolson6588 (YouTube): I have heard that spot Brent crude is trading at a significant premium to futures prices. Is this an example of extreme backwardation? What does this mean? @dubiousdandy904 (YouTube): How important - if at all - is the implied political violence of taxes and currency tender laws for debt settlement requirements when it comes to providing "value" to a currency? (e.g., Chartalism) @Albertletoride-hz7oj (YouTube): what about Brazilian bonds ? @yobsme (YouTube): what are puts and how does shorting work? @andrewc3881 (YouTube): What are you measuring when you talk about the unwind of the basis trade? How can we watch that?

]]>Q&A #199Phantom Menace: Why We're LosingJeff SniderMon, 13 Apr 2026 03:54:17 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-byyz8-kn47s-ls4hz62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69dc6877b435b2346b2a9ef4Generations - plural - of Western youth have fallen under the spell of socialism. This isn’t about expanding the safety net (as some like to claim, even at our conference), nor are we talking about policy differences or arguing over specific details of the world as it is. To understand what’s already taken root, and then to effectively counter it, first you have to know what socialism truly is. Once you do, you’ll quickly see why it is winning over younger folks. The eurodollar is both the cause and provides the answer that otherwise eludes the utterly ineffective mainstream response.

]]>Phantom Menace: Why We're LosingQ&A #198Jeff SniderFri, 10 Apr 2026 04:39:28 +0000https://www.eurodollar.university/whats-new/dgptbdcypxzdnas-gar9h62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69d87ebb5d0a921f0f4703aeEDU Conundrum Melody/Joe Mortgage trouble @jumptube (YouTube): You think the FED will follow their MBS purchase with Private Credit purchases? Would those be called PCBSs? @SebastianPereira (YouTube): as oil climbs, developing nations cut use of it? will the cumulative effect e enough to worsen the global economy? can they restart their economies fast after the oil shock? @DanO-d2w (YouTube): it was a very effective all out offensive by Volker to raise rates so high @pnice494 (YouTube): Glad u did a pod with Melody, shes good peeps @dubiousdandy904 (YouTube): What role do ratings agencies have in the eurodollar system? Dimon and Gundlach pointing out cockroaches and garbage didn't wait on Moody's recent CYA. But for corroboration, ratings aren't nothing. @bestfriendhank1424 (YouTube): Jack Farley had a guest on the other day that more or less said there’s nothing wrong in PC @DanO-d2w (YouTube): we r long overdue for and in great need of a big long period of Deflation

]]>Q&A #198Weekly Recap #152Jeff SniderThu, 09 Apr 2026 04:00:01 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-7lh3c62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69d7240fe505b6206499f851Iran Ceasefire. Oil twists prior. Energy fallout. Blue Owl howls. Buffett. Dimon. Payrolls, but unemployment. Forward jobs indications. China’s bull steepens. More coming.

]]>Weekly Recap #152Melody & Joe: What Do You Mean We Have to Worry About Mortgages Again?Jeff SniderWed, 08 Apr 2026 13:26:54 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-byyz8-kn47s62b9e19d9649156910ed385a:632369d56a7b741339a328f2:69d65745e44b155814e93af3And here you probably thought mortgage credit problems were aa 2000s problem and couldn’t possibly pop up again in the 2020s. After all, everyone said they cleaned up their act promising never to do it again. But there is one thing we’ve seen out of private credit recently, for the past few years it was a free-for-all. How far does that extend back into mortgages? Let Joe and Melody (and Jeff) hit you with some details.

]]>Melody & Joe: What Do You Mean We Have to Worry About Mortgages Again?Conundrum #1: Rate HIKE BubblesJeff SniderMon, 06 Apr 2026 20:45:13 +0000https://www.eurodollar.university/whats-new/fzb6lta9b3dyn6b-8cy85-5fr6z-dhbat-rsg9x-lt46c-em3xa-n6cwz-rbmxk-3k49c-pw6wm-l95za-3tj39-ybdxt-bkbfb-w8y6m-5rcm4-2d6er-sshk4-bd8wy-a7kl6-tlwsc-wpmn4-j3kfz-byyz862b9e19d9649156910ed385a:632369d56a7b741339a328f2:69d41b0fc23e3f11138e9296They say rate cuts stimulate, but then nothing gets stimulating. Then they tell us rate hikes restrain the economy and credit. However, you might have noticed some of the worst bubble behaviors witnessed at least in the 21s century have coincided with higher ST policy rates. Is there a connection? Does hiking make bubbles worse? If it does, that would have profound implications for a lot more than just subprime mortgages and private credit.

]]>Conundrum #1: Rate HIKE Bubbles