Eurodollar University

A week ago, the UAE said it was in consultation with the US government trying to arrange a dollar swap line. Since then, Treasury Secretary Bessent told Congress MANY allies were, too, and not just those in the Middle East. Just hours ago, huge news as the UAE says it’s outright leaving OPEC. There is big stuff going on behind the scenes because the energy shock is indeed a dollar shock and much bigger than people think, and the chances of becoming uncontained are not trivial.
Eurodollar University's Money & Macro Analysis
UAE to Leave OPEC in May as Iran War Reshapes Oil Market
https://www.bloomberg.com/news/articles/2026-04-28/uae-to-leave-opec-and-opec-next-month-to-pursue-new-strategy
Bessent Says Gulf, Asian Allies Requested Currency Swap Lines
https://www.bloomberg.com/news/articles/2026-04-22/bessent-says-many-us-allies-in-gulf-asia-requested-swap-lines
Pimco’s $10 Billion Private Deals Fuel Middle East’s Wartime Cash Quest
https://www.bloomberg.com/news/newsletters/2026-04-27/pimco-buys-abu-dhabi-qatar-kuwait-private-bonds-dubai-homes-prices-fall
Dubai's DIFC introduces temporary economic support for businesses, retail community
https://www.reuters.com/world/middle-east/dubais-difc-introduces-temporary-economic-support-businesses-retail-community-2026-04-09/

Interest rates going up. Oil prices big problem. The stock market kept soaring, but even though the S&P 500 gained 20% that year more stocks in the index ended 1999 down than up. There are some similarities between now and '99 and one of those is how far companies will go to make sure they aren’t one of those on the outside looking in. CEOs today are all over AI hype, but they’re lying to you about it. 
Eurodollar University's Money & Macro Analysis
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THE YEAR IN THE MARKETS; 1999: Extraordinary Winners and More Losers
https://www.nytimes.com/2000/01/03/business/the-year-in-the-markets-1999-extraordinary-winners-and-more-losers.html
Bank of England Official Says Share Prices Don’t Reflect Risks
https://www.bloomberg.com/news/articles/2026-04-24/bank-of-england-official-says-share-prices-don-t-reflect-risks
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Back in April 2020, oil prices went negative after the futures market underestimated just how much demand had collapsed, causing chaos as market participants scrambled to unload their oil. Here in April 2026, the oil futures market is in danger of something similar but in the opposite direction. Certain market participants just may be underestimating how much supply has collapsed. Worrying that might be the case, the Dallas Fed surveyed oil industry companies about what they’re seeing and where they think the Hormuz blockage is leading the energy marketplace. You’re not going to like it. 
Eurodollar University's Money & Macro Analysis
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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. 
Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership
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Dallas Fed Energy Survey Q1 2026 update
https://www.dallasfed.org/research/surveys/des/2026/2601/2601update
Oil Trader Andurand Lost 52% in April First Half on Oil Bets
https://www.bloomberg.com/news/articles/2026-04-23/andurand-lost-52-in-april-first-half-as-ceasefire-hurt-oil-bets
The world is watching the wrong oil price
https://www.telegraph.co.uk/business/2026/04/23/the-world-is-watching-the-wrong-oil-price/
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Underscoring the global nature of private credit and the credit cycle, one of India’s biggest borrowers has announced it will be delaying principal and interest payments on one of its biggest junk bonds. And who are the primary owners of said bonds? Private credit funds like Cerberus and regulated institutions like Deutsche Bank. The specific bonds in question aren’t going to bring down either one, but the missed cash payments do highlight more behavior consistent with a shift in the cycle and what that means.
Eurodollar University's Money & Macro Analysis
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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. 
To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:
https://www.eurodollar.university/webinar-offer
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Top Indian Private Credit Borrower Delays Paying 20.75% Bond
https://www.bloomberg.com/news/articles/2026-04-24/india-s-shapoorji-gets-nod-to-delay-bond-days-before-maturity
Jeffrey Gundlach Rips TCW Group Over Red Lobster ‘PIK Magic’
https://www.bloomberg.com/news/newsletters/2026-04-18/jeffrey-gundlach-rips-tcw-group-over-red-lobster-pik-magic
Bank of England Deputy Governor Warns of Private Credit Crunch
https://www.bloomberg.com/news/articles/2026-04-22/private-credit-crunch-risk-spurs-boe-s-stress-test-breeden-says
Traders Return to Fed Funds Wager That Surged During Repo Stress
https://www.bloomberg.com/news/articles/2026-04-22/traders-return-to-fed-funds-trade-that-surged-during-repo-stress
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

The global economy is being set right up for a brutal summer, according to the latest incoming data. Manufacturing is up right now, but the faster it goes today the worse it is going to be in the coming months. Services, the majority of the economy, are starting to get crushed – Europe, for example, it just set a 62-month low. This is the same general setup as last year which fed right into job losses, contracting incomes, rising unemployment...and more Pringles. 
Eurodollar University's Money & Macro Analysis
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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. 
Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership
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SPG US PMIs
https://www.pmi.spglobal.com/Public/Home/PressRelease/8bdf1bb2dddf420e9c0e9d7e22f75c09
SPG EZ PMIs
https://www.pmi.spglobal.com/Public/Home/PressRelease/89d5df92554f42589275c1d9ddb5fde3
SPG Japan PMIs
https://www.pmi.spglobal.com/Public/Home/PressRelease/f65b1852016d49a5abde92a6b742f9bc
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU