Eurodollar University

Meta Platforms is reportedly considering laying off over 20% of its workforce. The company didn’t confirm anything, but it also didn’t deny the thrust of the rumor, either. The purpose of these theoretical job cuts does not appear to be replacing employees with AI bots, instead it sure looks like the company is trying desperately to conserve a lot cash which raises a bunch of questions about debt and debt markets.
Eurodollar University's Money & Macro Analysis
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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
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Meta planning sweeping layoffs as AI costs mount: Reuters
https://www.cnbc.com/2026/03/14/meta-planning-sweeping-layoffs-as-ai-costs-mount-reuters.html
BIS Financing the AI infrastructure boom: on- and off-balance sheet borrowing
https://www.bis.org/publ/qtrpdf/r_qt2603u.htm
How AI Companies Are Keeping Debt Off Their Balance Sheets
https://www.bloomberg.com/news/articles/2025-10-31/meta-xai-starting-trend-for-billions-in-off-balance-sheet-debt
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Deutsche Bank. Wells Fargo. Both global systemically important banks are sitting here watching their stocks get pounded in the same way as BlackRock or Blackstone. Thankfully, not as bad as Blue Owl. Yet. And it is for the same reason. We know the private credit industry and shadow banks are in really bad shape. Markets are already looking outside of them to who might be next to have pay for really bad decisions. 
Eurodollar University's conversation w/Steve Van Metre
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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
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https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

A simply brutal reminder from Canada about the real state of the global economy. The Canadians backed up the US payroll number for February, except in Canada it was the largest loss of jobs since 2022. As one big bank economist put it, this is a “simply brutal” result. While everyone has been talking, really hoping for reflation maybe recovery, the opposite keeps showing up instead. Especially where it comes to employment. 
Eurodollar University's Money & Macro Analysis
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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
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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
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'Simply brutal': Canada lost 84K jobs in February; unemployment rises to 6.7%
https://ca.finance.yahoo.com/news/simply-brutal-canada-lost-84k-jobs-in-february-unemployment-rises-to-67-123843924.html
US Economy Lost Some Momentum, Inflation Held Firm Ahead of War
https://www.bloomberg.com/news/articles/2026-03-13/us-consumer-spending-barely-rose-in-january-inflation-strong
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Now it’s Morgan Stanley’s turn. Yesterday it was Cliffwater. Before that BlackRock and Blackstone. Of course Blue Owl. Morgan Stanley’s $8 billion North Haven Private Income Fund becomes the latest shadow banking giant to both get hit with massive investor withdrawals and to deny most of them. Cliffwater also decided it was going to do the same. No wonder you keep hearing more and more people make 2008 comparisons – and there’s one more you definitely need keep in mind. 
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
----------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

It is beginning to look more and more like a slow-motion shadow bank run. Yet another massive fund hit with largescale withdrawals. Not only that, the liquidity pressure also led to more asset sales. But those aren't even the worst of the day's news: that comes from JP Morgan and it has to do with COLLATERAL.
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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
-------------------------------------
Cliffwater’s $33 Billion Private Credit Fund to See 7%-Plus Redemptions
https://www.bloomberg.com/news/articles/2026-03-10/cliffwater-s-private-credit-fund-said-to-see-7-plus-redemptions
Pimco Sees Crisis of ‘Bad Underwriting’ in Private Credit
https://www.bloomberg.com/news/articles/2026-03-11/pimco-blames-sloppy-underwriting-for-private-credit-reckoning
Cliffwater in market with $1B private credit secondary sale
https://pitchbook.com/news/articles/cliffwater-in-market-with-1b-private-credit-secondary-sale
JPMorgan Restricts Private Credit Lending After Markdowns
https://www.bloomberg.com/news/articles/2026-03-11/jpmorgan-marks-down-private-credit-portfolios-ft-reports
Something on Wall Street 'Smells Like' 2008, Says Former Goldman Sachs Chief. Here's What It Is.
https://www.investopedia.com/private-credit-stress-smells-like-2008-says-former-goldman-sachs-chief-blankfein-11920345