Eurodollar University

After weeks of speculation, back and forth over bad theories on inflation and what seemed to be a steady stream of hawk-sounding Fed policymakers, the market has spoken. We know right now what the FOMC is going to do next Wednesday. But what comes after that is still somewhat up in the air, though not nearly as much as you might think given all the noise recently. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------------- EDU's Webinar Series Thursday December 17, 6pm ET A Trillion-Dollar Eurodollar Bomb is going Off on Wall Street The most important funding system in the world is flashing warning signals, and almost no one is paying attention. https://event.webinarjam.com/m9wym/register/n0rnxu7n --------------------------------------------------------------------------------- https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

November now makes three of the last four months and four of the last six with negative private payrolls. According to ADP, the US private economy shed 32k jobs last month, the most yet in the cycle. And it turns the 6m average negative for the first time, so serious problems in labor – which are creating bigger ones in the housing market. According to the latest official numbers from the government, home prices fell for the fourth time in the last five months and that brought the annual rate of change down to the lowest since February 2012. Yes, February 2012, the bottom of the housing bust. 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 -------------------------------------------------------------------------------------------------------------------- Federal Reserve Beige Book November 2025 https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20251126.pdf Bloomberg A Historic Housing Disconnect Is Forcing Prices Down https://www.bloomberg.com/opinion/articles/2025-12-01/a-housing-disconnect-points-to-lower-prices https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Consumer products giant Proctor & Gamble just came out with an unusual warning about its core business, consumer products meaning consumers. The maker of Tide detergent, Mr. Clean, Pampers, Gilette and whole bunch of other brands you use every single day just said that sales were down “significantly” in October and that it likely continued right on through November. This tracks with where Christmas holiday shopping has been so far with Black Friday and Cyber Monday. 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 P&G Warns US Sales Down ‘Significantly’ Entering Current Quarter https://www.bloomberg.com/news/articles/2025-12-02/p-g-warns-us-sales-down-significantly-entering-current-quarter Bloomberg Cyber Monday Spending Pace Lags Black Friday for Second Year https://www.bloomberg.com/news/articles/2025-12-02/cyber-monday-online-spending-in-us-increases-7-1 CNN You’re paying more for less this shopping season. Now there’s proof https://www.cnn.com/2025/12/01/business/black-friday-shoppers-holiday-season https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

December begins with a decided risk-off mood in financial markets, led by more painful liquidations in crypto. Bitcoin starts off the month with a nearly 7% drop to what would be a new recent low. Why? Economic woes continue to dominate concerns. Starting with Chicago, ISM’s regional business barometer put up its largest single month decline in new orders in more than two years. Backlogs crashed by nearly 22 points to the lowest since March 2009. Its employment index fell to the worst since May 2009, with not a single respondent saying it had increased employment last month. 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 --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- Eurodollar University's AFTER BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- ISM Chicago Business Barometer November 2025 https://drive.google.com/file/d/1N7xXT_P4Z_g7u0dJYI_kOYkSk1fcvLcQ/view ISM Manufacturing November 2025 https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/november/ S&P Global Press Releases https://www.pmi.spglobal.com/public/release/pressreleases Bloomberg Small Businesses Turn to Lending Startups as Tariff Costs Mount https://www.bloomberg.com/news/articles/2025-09-15/tariffs-drive-small-importers-to-costly-loans-as-lending-startups-surge Bloomberg First Brands’ Blowup Puts Trade Finance in Spotlight https://www.bloomberg.com/news/newsletters/2025-10-19/first-brands-blowup-puts-trade-finance-in-spotlight-jnj-jpm-ubs-jef https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

HP becomes the latest big name to announce major layoffs, said to be around 6000 more white collar jobs. It’s getting to the point where despite all the mainstream and social media attention, call it fixation, on the tariff inflation faction at the Fed, the latest economic update from the central bank has almost nothing in it about that. Instead, it’s cover-to-cover with worries about HP, Amazon, and all the smaller businesses we never hear about who nonetheless are finding themselves on the same part of the flat Beveridge curve. Eurodollar University's conversation w/Steve Van Metre --------------------------------------------------------------------------------------------------------------------- Eurodollar University's EARLY BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

China sold a record amount of Treasuries last quarter, which is actually more confirmation of the monetary tightening story over the summer which is now spilling out into the mainstream in the form of elevated repo rates, SOFR, and repo borrowing from the Fed. At the same time and for very much related reasons, private foreign counterparties were buying huge amounts of, yes, US Treasuries. There was no rejection at all, quite the contrary all of it pointing to growing expectations for the fallout from flat Beveridge. 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 --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- Eurodollar University's EARLY BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Repo. It’s back. Or more accurately, never really left. When we last left off with it, things were calming down which is not unusual in these circumstances. That didn’t mean it was a one-time, one-off matter, just that in the middle of the month there isn’t a whole lot going on. But now with the Thanksgiving holiday here and December approaching, repo rates are up, borrowing from the Fed is back, and in related developments the hedge fund-private credit world is getting spicier. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------------------------------------------------- Eurodollar University's EARLY BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- Bloomberg UBS Boss Is Right on Private Credit Rating Risks https://www.bloomberg.com/opinion/articles/2025-11-06/ubs-boss-scores-one-for-banks-over-private-credit BIS The transformation of the life insurance industry: systemic risks and policy challenges https://www.bis.org/publ/bppdf/bispap161.htm https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Despite half the Federal Reserve’s best efforts to take away the December rate cut, the bond market is signaling from top to bottom, back to front it doesn’t care one bit. The FOMC can spout off on tariff inflation, they can claim there is no way they’ll support lowering rates next month, yields are going down and taking inflation expectations with them. The bond market is making big moves despite KC Jeff and his federal funds band. 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 --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- Eurodollar University's EARLY BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- Conference Board US Consumer Confidence Fell Sharply in November https://www.conference-board.org/topics/consumer-confidence/ Bloomberg Retail Sales Lost Steam in September as Shoppers Pulled Back https://www.bloomberg.com/news/articles/2025-11-25/us-retail-sales-rose-0-2-in-september-as-consumers-pulled-back CNBC Core wholesale prices rose less than expected in September; retail sales gain https://www.cnbc.com/2025/11/25/core-wholesale-prices-rose-less-than-expected-in-september-retail-sales-gain.html https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

India’s rupee broke, plunging and I mean plunging Friday to a new record low and once again embarrassing the country’s central bank which had been intervening heavily for the past month. The funny thing is, there really wasn’t much of a trigger to it, at least not on the surface. The rupee continues to be a major global bellwether that often has less to do with India specifically. This once again appears to be one of those cases especially with the dollar making big moves against other important currencies, too. Eurodollar University's Money & Macro Analysis ------------------------------------------------------------------- Get the free guide that breaks down the real economic signals behind America’s shrinking consumer demand, and how to protect your wealth before the slowdown hits your income: https://web.eurodollar-university.com/home ------------------------------------------------------------------- Bloomberg Indian Rupee Sinks to All-Time Low as RBI’s Absence Sows ‘Panic’ https://www.bloomberg.com/news/articles/2025-11-21/indian-rupee-slides-to-record-low-on-delay-in-us-trade-deal Bloomberg Korean Won Approaches Dollar-Sale Trigger Zone Before Rate Call https://www.bloomberg.com/news/articles/2025-11-24/korean-won-approaches-dollar-sale-trigger-zone-before-rate-call https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Over half of American homes lost value over the last year, the highest number since...2012. More importantly, even the media is catching on that something big changed this summer in real estate. The reason why the housing market is retreating isn't interest rates. Lower mortgage costs have not sparked a turnaround in the face of all expectations they would. Eurodollar University's Money & Macro Analysis In 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. https://eurodollaruniversity.substack.com Zillow 53% of U.S. homes lost value in the past year, the most since 2012 https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2025/53-of-U-S--homes-lost-value-in-the-past-year-the-most-since-2012/default.aspx Home Value Declines Spread, But Losses Since Last Sale Are Rare https://www.zillow.com/research/home-value-decline-35724/ Bloomberg Job and Housing Stresses Are Caught in a Vicious Loop https://www.bloomberg.com/opinion/articles/2025-11-21/job-and-housing-stresses-are-caught-in-a-vicious-loop https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Nvidia was a bust. Not the company’s earnings and forecasts, those were stellar. Instead, it didn’t provide the buying boost everyone thought it would. Stocks lost ground. Bitcoin continues to get hammered, down by a third in roughly six weeks. What is going on here? The answer, or answers, are coming from the cockroaches. There’s more to the Blue Owl hedge fund story. Plus, Bitcoin is correlating with what we call the triple hooks. 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 --------------------------------------------------------------------------------------------------------------------- CNBC Stocks tumble, Nasdaq closes 2% lower after stunning reversal in AI, Nvidia stocks https://www.cnbc.com/2025/11/19/stock-market-today-live-updates.html CNBC Blue Owl calls off merger of its two private credit funds after announcement rattles stock https://www.cnbc.com/2025/11/19/blue-owl-calls-off-merger-of-its-two-private-credit-funds-after-announcement-rattles-stock-sources-say.html Bloomberg Blue Owl Money Machine Sputters in Face of Private Credit Cracks https://www.bloomberg.com/news/articles/2025-11-20/blue-owl-money-machine-sputters-in-face-of-private-credit-cracks https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

After Home Depot disappointed and Target got slammed, Walmart reported results that were above expectations because in this economic climate the Target and Home Depot’s losses are Walmart’s gains. And its strength came from all income brackets, though high-income Americans are increasingly turning to Walmart. That’s not good. But it does fit with the long-delayed payroll data that just came out, which you’ll be shocked to learn has another revision turning another monthly number negative. That makes two. 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 --------------------------------------------------------------------------------------------------------------------- FOMC October 2025 Minutes https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20251029.pdf NBC News Walmart raises sales outlook, boosted by e-commerce and higher-income shoppers https://www.nbcnews.com/business/business-news/walmart-earnings-ecommerce-rcna244853 CNBC Walmart hikes sales and earnings forecast as it attracts shoppers across incomes https://www.cnbc.com/2025/11/20/walmart-wmt-q3-2026-earnings.html https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

While everyone else is glued to Nvidia, the results from Home Depot and Target will have far more to say about the markets and a lot more. Plus others like TJ Maxx, Bitcoin and the surprising Fed minutes that has a lot to say about the status of December's rate cut. Bloomberg Wary Stock Bulls Eye Walmart, Target for Clues to Consumer Health https://www.bloomberg.com/news/newsletters/2025-11-17/wary-stock-bulls-eye-walmart-target-for-clues-to-consumer-health?srnd=phx-economics-v2 Economic Times TGT stock falls today as Target cuts guidance and predicts weak holiday sales https://economictimes.indiatimes.com/news/international/us/tgt-stock-falls-today-as-target-cuts-guidance-and-predicts-weak-holiday-sales/articleshow/125437666.cms?from=mdr Read more at: https://economictimes.indiatimes.com/news/international/us/tgt-stock-falls-today-as-target-cuts-guidance-and-predicts-weak-holiday-sales/articleshow/125437666.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst YahooFinance Target cuts earnings guidance, warns about high prices, and predicts a weak holiday season https://finance.yahoo.com/news/target-cuts-earnings-guidance-warns-about-high-prices-and-predicts-a-weak-holiday-season-113001475.html CNBC TJ Maxx and Marshalls owner hikes outlook as CEO says holiday season is off to a ‘strong start’ https://www.cnbc.com/2025/11/19/tjx-companies-tjx-earnings-q3-2026.html FOMC Minutes https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20251029.pdf

We went from the economy is strong and resilient, credit markets are fine reaching for yield to big names like Jamie Dimon and now so-called bond king Jeffrey Gundlach openly talking about cockroaches and garbage lending that are looking more like 2006 and 2007 every day. We’ve even got news of more hedge fund redemptions. Unlike a few months ago, now all of a sudden the possibilities seem plausible to people who forever refused to even consider the idea. 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 Jeffrey Gundlach Warns of ‘Garbage Lending’ as Private Credit Booms https://www.bloomberg.com/news/articles/2025-11-17/gundlach-slams-garbage-lending-in-private-credit-market Bloomberg Blue Owl Plunges to 2023 Low After Blocking Exit From Fund https://www.bloomberg.com/news/articles/2025-11-17/blue-owl-plunges-to-2023-low-after-blocking-exit-from-early-fund Bloomberg Funding Market Strains Spur Wall Street Calls for More Action From Fed https://www.bloomberg.com/news/articles/2025-11-13/funding-market-strains-spur-wall-street-calls-for-more-action-from-fed https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

The European labor market is on the cusp of its own flat Beveridge moment. That danger was amplified by the third quarter contraction in the Swiss economy, which, as we know, is a key leading global indicator. And if all that wasn’t enough, a group of German Economists, of all people, just tore into the mainstream European narrative of Europe being in a good place. They even went so far as correctly, of course, crap all over the Berlin bazooka. Eurodollar University's Money & Macro Analysis ------------------------------------------------------------------- Get the free guide that breaks down the real economic signals behind America’s shrinking consumer demand, and how to protect your wealth before the slowdown hits your income: https://web.eurodollar-university.com/home ------------------------------------------------------------------- euronews Weak eurozone growth meets flat jobs market as bankruptcies surge https://www.euronews.com/business/2025/11/14/weak-eurozone-growth-meets-flat-jobs-market-as-bankruptcies-surge Bloomberg Merz Advisers Revise 2026 German Growth Forecast to Below 1% https://www.bloomberg.com/news/articles/2025-11-12/merz-advisers-revise-2026-german-growth-forecast-to-below-1 DW Germany news: Economic experts call for change of course https://www.dw.com/en/germany-news-economic-experts-call-for-change-of-course/live-74708934 https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

An unprecedented slump in Chinese investment. That’s what one media outlet called it. I don’t think slump is the right word. Crash might be a more appropriate one. While that tends to be overused, the numbers show not in this case. Especially when they are backed up by a crash in household lending in China, too, as Chinese banks just put up more grim stats. And all of this confirmation of what I told you months ago, the something big has changed over there this summer. 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 China’s Investment Crash Puzzles Economists and Threatens Growth https://www.bloomberg.com/news/articles/2025-11-14/china-s-investment-crash-puzzles-economists-and-threatens-growth Bloomberg PBOC Justifies Loan Slowdown Following Record Contraction https://www.bloomberg.com/news/articles/2025-11-11/pboc-justifies-loan-slowdown-following-record-contraction https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Big moves across the risk markets this week. Bitcoin and crypto hammered. Repo back on the menu. WTI full contango (briefly). Plus, top officials at the New York Fed soft confirming the start of the next not-QE QE. What does it all mean? Eurodollar University's conversation w/Steve Van Metre What is a Eurodollar University membership? It’s where understanding the monetary world isn’t a mystery—it's a method. If you’re serious about your financial education and want clarity in a world of volatility and massive uncertainty, you’re in the right place. Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. With our memberships, we’ll fill in everything that you’ve been missing. https://eurodollar.university/memberships https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Flat Beveridge strikes again. You know the drill. We’ve been stuck in forgot how to grow and its no-hire/no-fire labor market the past few years. That began to change last year, especially last summer when no-hiring somehow got to be even less hiring. Then last year and this year, no-firing became some firing, in other words, shifting to the flat part of the Beveridge curve. But what we’ve been getting more recently looks to be an escalation in firing. Verizon just announced it may be cutting 15% of its 100,000 strong workforce. 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 --------------------------------------------------------------------------------------------------------------------- Texas Service Sector Outlook Survey https://www.dallasfed.org/research/surveys/tssos/2025/2510#tab-report Bloomberg Verizon Eyes Up to 15,000 Layoffs as New CEO Takes Charge https://www.bloomberg.com/news/articles/2025-11-13/verizon-layoffs-could-come-next-week-as-new-ceo-takes-charge CNBC White House says October jobs and inflation data may never be released because of the shutdown https://www.cnbc.com/2025/11/12/white-house-october-data-release.html Bloomberg Fed’s Perli Says Won’t Be Long Before Fed Starts Buying Assets https://www.bloomberg.com/news/articles/2025-11-12/fed-s-perli-says-won-t-be-long-before-fed-starts-buying-assets https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

The collapse and bankruptcy of another private credit supported firm has generated significant losses this week. But as I pointed out last week with the shuttered UBS sponsored hedge funds, it isn’t necessarily the amount of money being burned. It’s what each of these cockroaches reveals, and how they add to the growing mistrust about the entire private credit shadow banking network. That’s the real danger which could threaten to unravel a whole lot more than a few troubled firms. Eurodollar University's Money & Macro Analysis ------------------------------------------------------------------- Get the free guide that breaks down the real economic signals behind America’s shrinking consumer demand, and how to protect your wealth before the slowdown hits your income https://web.eurodollar-university.com/home ------------------------------------------------------------------- Bloomberg BlackRock Faces 100% Loss on Private Loan, Adding to Credit Market Pain https://www.bloomberg.com/news/articles/2025-11-10/blackrock-eyes-100-loss-on-private-loan-amid-debate-over-marks Bloomberg Why First Brands Has Sparked So Many Concerns on Wall Street https://www.bloomberg.com/news/articles/2025-11-10/why-first-brands-collapse-sparked-concerns-on-wall-street Bloomberg Car Loan Delinquencies Hit Record for Riskiest Borrowers https://www.bloomberg.com/news/articles/2025-11-12/car-loan-delinquencies-hit-record-for-riskiest-borrowers https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

Fast food chain Wendy's said it’s closing hundreds more US locations than previously announced because customers can’t afford to eat there. It fits with what McDonalds US President said last week about how the entire industry is fighting for contracting traffic. It sounds practically Chinese talking about oversupply of cheap hamburgers and chicken nuggets. But as we know only too well from China’s economy, it isn’t too much production it is the lack of demand. Eurodollar University's Money & Macro Analysis ------------------------------------------------------------------- Get the free guide that breaks down the real economic signals behind America’s shrinking consumer demand, and how to protect your wealth before the slowdown hits your income https://web.eurodollar-university.com/home ------------------------------------------------------------------- USA Today Wendy's to close roughly 300 stores nationwide starting in late 2025 https://www.usatoday.com/story/money/2025/11/07/wendys-closing-hundreds-stores-2025/87146469007/ CNBC McDonald’s U.S. boss puts focus on ‘value and affordability’ as consumer spending splits https://www.cnbc.com/2025/11/06/mcdonalds-us-boss-memo-value-affordability.html Bloomberg US Small-Business Optimism Dips to Six-Month Low on Earnings https://www.bloomberg.com/news/articles/2025-11-11/us-small-business-optimism-slips-to-six-month-low-on-earnings Bloomberg US Companies Shed Jobs in Late October, Weekly ADP Data Show https://www.bloomberg.com/news/articles/2025-11-11/us-firms-shed-11-250-jobs-per-week-in-four-weeks-to-oct-25-adp https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU