Eurodollar University

Private credit has a new problem, and this one is different. For months, the story has been retail investors pulling money from private credit funds. But now we have something else. A Swiss pension fund redeeming shares from a Vista private credit vehicle helped force that fund to limit withdrawals. And that's before asking the question: is software credit the new subprime mortgage?
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.
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One Big Private Credit Investor Forced Vista’s Fund to Limit Redemptions
https://www.bloomberg.com/news/articles/2026-05-27/one-big-private-credit-investor-forced-vista-s-fund-to-limit-redemptions
New CLOs at Blackstone, Guggenheim Boast Key Perk: Less Software
https://www.bloomberg.com/news/articles/2026-05-27/new-clos-at-blackstone-guggenheim-boast-key-perk-less-software
Private Credit’s Exposure to Ailing Software Industry Is Bigger Than Advertised
https://www.wsj.com/finance/investing/private-credits-exposure-to-ailing-software-industry-is-bigger-than-advertised-d80da378
Cracks in Private Credit
https://www.goldmansachs.com/pdfs/insights/goldman-sachs-research/cracks-in-private-credit/TOM_private%20credit_Redacted.pdf
Myth-busting: Private credit liquidity
https://blog.landg.com/categories/investment-strategy/myth-busting-private-credit-liquidity/
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Twitter: https://twitter.com/JeffSnider_EDU

JPMorgan just took the Goldilocks off the table. That is not a minor forecast change or some little tweak to a spreadsheet buried on page 47 of a Wall Street outlook. When one of the biggest banks in the world says “Goldilocks is leaving the building” and starts worrying about a **negative growth shock**, what they’re really saying is something big has changed. 
Eurodollar University's Money & Macro Analysis
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Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to:
 https://EurodollarGold.com or text EURO to 35052. 
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'Goldilocks is leaving the building': JPMorgan predicts negative growth shock
https://www.msn.com/en-us/money/markets/goldilocks-is-leaving-the-building-jpmorgan-predicts-negative-growth-shock/ar-AA24066Q
Sahm Says Sahm Rule Meant To Be Broken
https://www.bloomberg.com/news/videos/2024-08-08/claudia-sahm-says-the-sahm-rule-was-meant-to-be-broken-video
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

Home prices are now doing something they were not supposed to do. After years of being told that housing was poised to make a strong comeback and that prices were going to accelerate upward, the latest national housing data is saying something very different: the lowest price rate in fourteen years, going all the way back to the bottom of the Big Housing Bust in 2012.
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
----------------------------------------------------------------------------------
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

For the first time in this cycle, the money going out of major private credit vehicles has surpassed the money coming in. That is the headline, how private credit machine is now facing sustained investor outflows. Stage 2. And here’s the other big part of that – these net outflows are indeed forcing asset sales onto an industry that was never really built for this. That means we’re already deeper into Stage 2 than most people would think.  
Eurodollar University's Money & Macro Analysis
--------------------------------------------------------------------------------
Learn more about Augusta Precious Metals and what they have to offer - including physical gold for IRA accounts - by going to:
 https://EurodollarGold.com or text EURO to 35052. 
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Private Credit BDC Redemptions Exceed Fundraising for First Time
https://www.bloomberg.com/news/articles/2026-05-14/private-credit-bdc-redemptions-exceed-fundraising-for-first-time
Private Credit’s Unthinkable Becomes Reality as Trading Revs Up
https://www.bloomberg.com/news/articles/2026-05-21/private-credit-s-unthinkable-becomes-reality-as-trading-revs-up
Fitch Ratings’ U.S. Private Credit Default Rate Hits a High of 6.0% in April 2026
https://www.fitchratings.com/research/corporate-finance/fitch-ratings-us-private-credit-default-rate-hits-high-of-6-0-in-april-2026-18-05-2026?cs=0&hl=en-US&biw=1600&bih=731
Private Credit Fund Touts Quick Profit Buying Debt at 65 Cents
https://www.bloomberg.com/news/articles/2026-05-05/private-credit-fund-touts-quick-profit-buying-debt-at-65-cents
Goldman Sachs Private Credit Fund’s Share of Bad Loans Rises
https://www.bloomberg.com/news/articles/2026-05-07/goldman-sachs-private-credit-fund-s-share-of-bad-loans-increases
HSBC Drags Feet on $4 Billion Private Credit Investment Effort
https://www.bloomberg.com/news/articles/2026-05-15/hsbc-drags-feet-on-4-billion-private-credit-investment-effort
AMP Trims ‘Frothy’ Private Credit Assets in Investment Pivot
https://www.bloomberg.com/news/articles/2026-05-18/amp-trims-frothy-private-credit-assets-in-investment-pivot
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

While rumors and reports swirl about a possible Iran deal, the clock is still ticking for an economy that’s way too close to the point of no return on the energy shock. In fact, for Europe, there is a nontrivial chance it’s already gone past. With the latest data out on Friday, the economic numbers for May so far got slammed. It increasingly looks like Europe may have already gone over the cliff with S&P describing France as in a quote “dire” situation.
Eurodollar University's Money & Macro Analysis
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SPG France May 2026 PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/f0ad28c72bfd49949cf67d52daf16aee
SPG Eurozone May 2026 PMI
https://www.pmi.spglobal.com/Public/Home/PressRelease/cfc7983038764cd0bf61ed86b6d27a52
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU