Eurodollar University

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
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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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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
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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

We’ve been covering the macro housing bust for some time, and while it’s still there another major problem has come up and for the same reasons. Mortgage delinquencies and even foreclosures have come into the conversation, especially in places like Texas. Rates continue to tick lower but no one is buying houses, home price growth has completely stalled, and now more borrowers are falling behind on their loans. 
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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NAR Existing-Home Sales Report Shows 1.7% Increase in February
https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-1-7-increase-in-february
Cities With the Highest Mortgage Delinquency Rates
https://wallethub.com/edu/cities-mortgage-delinquency-rates/141263
VantageScore CreditGauge™ January 2026: Mortgage Delinquencies Rise as Early-Stage Credit Stress Broadens Across Borrowers
https://vantagescore.com/resources/knowledge-center/press_releases/vantagescore-creditgauge-january-2026-mortgage-delinquencies-rise-as-early-stage-credit-stress-broadens-across-borrowers
Mortgage Delinquencies Increase in the Fourth Quarter of 2025
https://www.mba.org/news-and-research/newsroom/news/2026/02/12/mortgage-delinquencies-increase-in-the-fourth-quarter-of-2025
HOUSEHOLD DEBT AND CREDIT REPORT
https://www.newyorkfed.org/microeconomics/hhdc.html
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Chaos at the Asian open last night with uncontrolled panic buying sending oil prices up to as high as $120 per barrel. Thankfully, they backed down and actually ended the day down by 8%. Still, that wild ride isn't good, indicating the world is really struggling with the oil challenge. We're already seeing significant fallout across the world, from dollars to stocks. 
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
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Oil Near $120 Sparks ‘Stampede to Sell’ in Stocks and Bonds
https://www.bloomberg.com/news/newsletters/2026-03-09/oil-near-120-sparks-stampede-to-sell-in-stocks-and-bonds
Broad agreement in G7 not to release oil reserves just yet, says G7 official
https://www.reuters.com/business/energy/broad-agreement-g7-not-release-oil-reserves-just-yet-says-g7-official-2026-03-09/
Oil Market Chaos to Deepen as More Gulf Giants Cut Output
https://www.bloomberg.com/news/articles/2026-03-08/oil-market-chaos-set-to-deepen-as-more-gulf-giants-cut-output
$100 Oil Shock Set to Strain Asia’s Cash-Strapped Governments
https://www.bloomberg.com/news/articles/2026-03-09/-100-oil-shock-set-to-strain-asia-s-cash-strapped-governments
Japan’s Nikkei Enters Correction as Oil Spikes, Iran Fears Weigh
https://www.bloomberg.com/news/articles/2026-03-08/japan-equities-set-to-resume-fall-on-escalating-middle-east-woes
Price Caps, Rationing and Stockpiling: Alarm Swells Over Oil Disruptions
https://www.nytimes.com/2026/03/09/business/iran-oil-gas-asia.html
Yardeni Raises Odds of US Market Meltdown to 35% on Iran War
https://www.bloomberg.com/news/articles/2026-03-09/yardeni-raises-odds-of-markets-meltdown-to-35-on-iran-war-risks
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

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
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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
----------------------------------------------------------------------------------
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU