Eurodollar University

The podcast dives into the aftermath of the recent Fed meeting, highlighting Powell's cautious stance on rate cuts. Discussion revolves around the early end of quantitative tightening, spiking repo facility usage, and the impact of private credit risk on money markets. Jeff critiques Powell’s dual messaging and the Fed's failure to act decisively amidst repo stress. The conversation draws parallels to past crises, examining how markets are influencing policy changes and what indicators to monitor moving forward. It's a whirlwind of economic insights!

Amazon's announcement of job cuts raises eyebrows as leaked reports hint at 30,000 layoffs. The podcast dives into the implications of overhiring during the pandemic and the company's struggle to adapt. Consumer sentiment is on edge, with expectations of job stability dropping and holiday spending tightening. Amidst a backdrop of global unemployment trends, the discussion questions whether Amazon's AI justification masks deeper economic issues. Overall, the labor landscape reveals troubling signs in both employment and consumer behaviors.

Another day, another significant borrowing from the Federal Reserve’s repo facility. This has become a regular occurrence and concurrent with a rise in money market rates due to the cash squeeze I told you about yesterday, there’s a lot of similarities to 2019 and it’s got the Fed on track to not just cut rates this week also possibly terminate the balance sheet runoff – even if Steve doesn’t quite agree.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---------------------------------------------------------------------------------------------------------------------https://eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Steve Van Meter, a macro commentator and market analyst, dives into the ongoing cash squeeze affecting money markets. He predicts the Federal Reserve will likely cut rates due to labor weaknesses, while discussing the implications of potentially ending Quantitative Tightening (QT). The conversation highlights stresses in credit markets, elevated SOFR rates, and the subtle balancing act the Fed must perform to avoid spooking equity markets. The duo also explores how declining consumer sentiment impacts spending amid rising recession risks.

The dollar is making another big move higher to the point it is causing governments and central banks around the world to respond and even intervene to keep their own currencies from crashing against it. Fears over the global economic downturn are driving monetary tightness and demand for safety at the expense of those at the forefront of the broad decline. 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---------------------------------------------------------------------------------------------------------------------Bloomberg Currency Officials Go on Offensive as Trade Angst in Asia Mountshttps://www.bloomberg.com/news/articles/2025-10-16/currency-officials-go-on-offensive-as-trade-angst-in-asia-mountsBloomberg South Korea Says Watching One-Sided Won Volatility in Rare Movehttps://www.bloomberg.com/news/articles/2025-10-13/south-korea-says-watching-one-sided-won-volatility-in-rare-moveBloomberg Swiss Franc’s Haven Run Seen Nearing SNB Intervention Thresholdhttps://www.bloomberg.com/news/articles/2025-10-24/swiss-franc-s-haven-run-seen-nearing-snb-intervention-thresholdhttps://eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Recent failures in shadow banking highlight serious issues with collateral, including a subprime auto lender's struggles and a telecom firm's alleged fraudulent invoices. The discussions delve into the implications of delayed invoice payments on cash flows and the broader economic slowdown's impact on credit markets. Additionally, the link between complacency in lending practices and current financial stress is explored, alongside warnings from UK officials about the risks of private credit, drawing parallels to past financial crises.

Discover why precious metals like gold and silver have hit a rough patch after a strong rally. Explore the driving forces behind the recent sell-off and whether it changes their long-term prospects. Learn about the silver supply squeeze and its ties to seasonal demand and leasing rates. Delve into how copper's historical patterns might predict silver’s future. Plus, understand the macroeconomic factors, including bond market trends and potential rate cuts, that could ultimately support gold's standing.

There was action yet again at the Fed’s repo window today. A few more billion borrowed. But that’s now the fourth time over the last five trading days. These are more signs of tightening monetary conditions and if this does continue it will lead to the next QE from the Fed. The word that keeps coming up the past few months is escalation. Eurodollar University's Money & Macro Analysishttps://eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Why is copper-to-gold so ugly and thoroughly deflationary? What's happening right now inside China is one key part of it. After a small artificial rebound earlier this - where have we heard that before - Chinese bank lending has fallen even more sharply this summer adding yet another layer to the tremendous deceleration we keep seeing across China this summer. Retail sales fell yet again and investment is crashing. Eurodollar University's Money & Macro AnalysisIn 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. Ready to make your week count? Subscribe to One Big Weekly Theme today. You can sample the service or sign up and get started straight away. https//:eurodollaruniversity.substack.comCNN China expels two top generals from Communist Party in anti-corruption crackdownhttps://www.cnn.com/2025/10/17/china/china-communist-party-expels-military-leaders-intl-hnkBloomberg China’s Lopsided Growth Puts Spotlight on Xi’s Five-Year Planhttps://www.bloomberg.com/news/articles/2025-10-20/chinese-economic-slowdown-worsens-with-growth-weakest-in-a-yearhttps://eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

Even I am surprised at how quickly this has escalated. We got a big-time warning from the oil market earlier in the week. Whenever we see these things show up, usually there’s a little back and forth, in and out, the thing starts out as a little blip and stays that way for awhile. Then, maybe, you get a bigger move much later on. Not this time. The oil curve blew way past all of that in just a few days.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---------------------------------------------------------------------------------------------------------------------https://eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU