Eurodollar University

Not one but two negative payrolls. That’s what we got from the latest update on the employment situation, a double dose of flat Beverage amidst a historic week in the oil market and another major escalation in the private credit bust. And all these things go together. The looming oil shock is coming at the worst possible time with employment already in this bad shape. And private credit, well, as I’ve been telling since last summer, negative payrolls would change everything. 
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
----------------------------------------------------------------------------------
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Chaos in the energy patch sent both prices and spreads exploding. It was the latter - the blowout in spreads - that is now the most concerning for what it says about this growing oil shock. At almost historic levels, just a nickel short of setting a new record, this kind of intensity and upset is alarming. Here's why and what you need to know.
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

BlackRock's flagship private credit fund is getting hit with so many withdrawals the company has no choice but to start blocking these requests. It's another major escalation pointing to even more anxiety and maybe some panic in the credit market. The fact this shows up on a day when payrolls went negative yet again and oil has gone nuclear should not be dismissed, either. 
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
BlackRock Private Debt Fund Slumps After Slashing Dividend
https://www.bloomberg.com/news/articles/2026-03-05/blackrock-slashes-another-private-loan-value-from-100-to-zero
BlackRock Slashed Private Loan Value From 100 to Zero
https://www.bloomberg.com/news/articles/2026-02-27/blackrock-private-debt-fund-slumps-after-slashing-dividend
BlackRock limits redemptions at private credit fund as outflows swell
https://www.ft.com/content/2336fccb-745d-4f3b-8ade-d84f0027e70f

Energy prices renewed their surge higher today. As it stands, WTI is now just shy of $80 per barrel, up 22% in a week. Wholesale gasoline is now above $2.60 per gallon, a 30% rise since last Thursday. These are the biggest short-term energy spikes we’ve seen since 2022. Because of that, we have to start seriously considering various potential paths for this burgeoning oil shock, up to and including a 1990 scenario where conflict in the Middle East sent energy prices skyrocketing and tipped a weak economy here and around the world into full-blown recession. 
Eurodollar University's Money & Macro Analysis

The Swiss National Bank just issued a very rare warning hinting at currency intervention in the franc.  While there is a mini-panic mainly in the mainstream media over oil being inflationary, look instead at what is going on in Switzerland and how it got to be this way. The last few years of consumer prices and interest rates. They are instructive about what we should expect everywhere else – including what happens when the world gets hit with a major oil spike. 
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
----------------------------------------------------------------------------------
SNB Touts Intervention Threat as Iran Crisis Rattles Markets
https://www.bloomberg.com/news/articles/2026-03-02/snb-says-increasingly-prepared-to-intervene-in-fx-markets
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU