Global Currencies Doing Something Very Dangerous
Eurodollar University
Intro
Jeff Snider opens the episode, frames the yen crisis and previews topics including Fed drama and Asian currencies.
The Japanese yen keeps tumbling and as it does it is tanking the bond market over there. What we have is the first case of a currency value setting interest rates, with, of course, the Bank of Japan helplessly caught in the middle. That helplessness is reinforced by the fact Japan’s currency is being closely paralleled by South Korea’s and others across Asia. The tumbling won and yen have led to government calls for stringent action, including from Treasury Secretary Bessent today.
Eurodollar University's Money & Macro Analysis
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Statement from Federal Reserve Chair Jerome H. Powell
https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm
Bloomberg Tariff Pass-Through Limited So Far, US Data Showhttps://www.bloomberg.com/news/newsletters/2026-01-13/tariff-pass-through-limited-so-far-us-data-show-evening-briefing-americas
‘Sell America’ Trade Is Revived by Trump’s Latest Fed Attack
https://www.bloomberg.com/news/articles/2026-01-12/fed-subpoenas-revive-sell-america-trade-on-autonomy-concerns
South Korea Is Pulling Out All Stops to Try to Prop Up Won
https://www.bloomberg.com/news/articles/2025-12-18/south-korea-digs-deeper-into-intervention-toolkit-as-won-slides
Bessent Calls Out Drop in South Korea’s Won After Remarks on Yen
https://www.bloomberg.com/news/articles/2026-01-14/bessent-flags-won-s-weakness-as-excessive-offering-rare-support
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
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