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HSBC reported shocking results regarding its Hong Kong real estate loans further establishing the proportions of the credit crisis underway there. The news was, however, in line with recent developments in the city, among its banks, and with their Chinese counterparts. The reason was simple enough: all of them are suffering from the same fatal flow which the world, not just SE Asia, is in the middle of paying for. 

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Reuters HSBC profit tumbles as China losses mount
https://www.reuters.com/business/finance/hsbc-profit-tumbles-china-losses-mount-2025-07-30/

Guardian 
https://slguardian.org/hsbc-flags-73-of-hong-kong-commercial-property-loans-as-risky-amid-market-slump/

Bloomberg Hong Kong’s Economy Has Two Gravity-Defying Puzzles
https://www.bloomberg.com/opinion/articles/2025-08-11/hong-kong-interest-rates-and-housing-market-are-puzzles

Bloomberg Hong Kong Property Woes Persist Despite Banks’ Vote of Confidence
https://www.bloomberg.com/news/newsletters/2025-07-01/hong-kong-property-woes-persist-despite-banks-vote-of-confidence

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I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below.
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Oil tumbled today nearing its multi-year low as a massive supply glut hangs over the marketplace. But it's not supply where the glut is coming from. Meanwhile, rates also tumble as everyone - even the media - is getting ready for a September fifty out of the FOMC. In fact, these and the rest of the evidence are all the same thing, different sides of the same crude coin. 

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Bloomberg Global Oil Markets Face Record Supply Glut Next Year, IEA Says
https://www.bloomberg.com/news/articles/2025-08-13/global-oil-markets-face-record-supply-glut-next-year-iea-says

IEA August 2025
https://www.iea.org/reports/oil-market-report-august-2025

Bloomberg Bets on Outsize Fed Cut Gain Steam as CPI Data Backs Doves
https://www.bloomberg.com/news/articles/2025-08-12/bets-on-outsize-fed-cut-gain-steam-as-inflation-data-backs-doves

Bloomberg CPI Report Boosts Market Bets on Larger September Fed Rate Cut
https://www.bloomberg.com/news/articles/2025-08-13/bets-on-outsize-fed-cut-gain-steam-as-cpi-data-backs-doves

Bloomberg Bessent Urges Fed to Lower Rates by 150 Basis Points or More
https://www.bloomberg.com/news/articles/2025-08-13/bessent-says-rates-should-likely-be-150-175-basis-points-lower

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This video was sponsored by Glint. Graphic representations of value are for illustrative purposes only. The Glint Debit card is issued by Sutton Bank, Member FDIC. The sale, purchase and storage of precious metals are offered by Glint, and not Sutton Bank. 

Your investment in precious metals through Glint is:
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-Subject to investment risks, including the possible risk of loss of the principal amount invested.

All investments involve risk, including possible loss of principal. The value of precious metals is affected by many economic factors, including but not limited to the current market price, demand, perceived scarcity, and quality of the precious metal.  Precious metals can increase or decrease in value. Past performance is not a guarantee of future results. As such, investing in precious metals may not be suitable for everyone.

Glint Pay Inc. is a U.S. based authorized Card Program Manager, not a bank. Banking services are provided by our partner Sutton Bank, Member FDIC. Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.

With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership
You can learn more here  http://www.monetary-metals.com/Snider/

Eurodollar University's Money & Macro Analysis

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Twitter: https://twitter.com/JeffSnider_EDU

I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below.
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The macro situation is worse this summer compared to last summer, so where's Japan's carry trade? If the July 2024 jobs report provoked a violent financial backlash, you'd think the July 2025 version would have, too. The fact it didn't points to several key developments, important warnings from JPY and JGBs. 

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This video was sponsored by Glint. Graphic representations of value are for illustrative purposes only. The Glint Debit card is issued by Sutton Bank, Member FDIC. The sale, purchase and storage of precious metals are offered by Glint, and not Sutton Bank. 

Your investment in precious metals through Glint is:
-Not insured by the FDIC.
-Not a deposit or other obligation of, or guaranteed by, Sutton Bank.
-Subject to investment risks, including the possible risk of loss of the principal amount invested.

All investments involve risk, including possible loss of principal. The value of precious metals is affected by many economic factors, including but not limited to the current market price, demand, perceived scarcity, and quality of the precious metal.  Precious metals can increase or decrease in value. Past performance is not a guarantee of future results. As such, investing in precious metals may not be suitable for everyone.

Glint Pay Inc. is a U.S. based authorized Card Program Manager, not a bank. Banking services are provided by our partner Sutton Bank, Member FDIC. Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.

I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below.
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Both McDonald's and Wendy's reported this past week that more Americans are skipping breakfast, not for some health fad but increasingly harsh economic circumstances. That view was further corroborated by the Fed which showed credit card usage fell again for the second straight time, a critical cyclical signal confirming the swing in the consumer economy. So, another Fed official tilts toward rate cuts. 

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Bloomberg Fast-Food Breakfast Sales Fade as Diners Eat at Home, Skip Meals
https://www.bloomberg.com/news/articles/2025-08-08/fast-food-breakfast-sales-fade-as-diners-eat-at-home-skip-meals

Reuters Fed's Musalem: There are risks now to both the inflation and jobs goals
https://www.reuters.com/business/feds-musalem-there-are-risks-now-both-inflation-jobs-goals-2025-08-08/

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This video was sponsored by Glint. Graphic representations of value are for illustrative purposes only. The Glint Debit card is issued by Sutton Bank, Member FDIC. The sale, purchase and storage of precious metals are offered by Glint, and not Sutton Bank. 

Your investment in precious metals through Glint is:
-Not insured by the FDIC.
-Not a deposit or other obligation of, or guaranteed by, Sutton Bank.
-Subject to investment risks, including the possible risk of loss of the principal amount invested.

All investments involve risk, including possible loss of principal. The value of precious metals is affected by many economic factors, including but not limited to the current market price, demand, perceived scarcity, and quality of the precious metal.  Precious metals can increase or decrease in value. Past performance is not a guarantee of future results. As such, investing in precious metals may not be suitable for everyone.

Glint Pay Inc. is a U.S. based authorized Card Program Manager, not a bank. Banking services are provided by our partner Sutton Bank, Member FDIC. Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.

With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership
You can learn more here  http://www.monetary-metals.com/Snider/

The July jobs report has sparked an overdue reexamination of a bunch of "truths" everyone has simply take for granted: inflation is the biggest risk, bonds are being rejected because of debt, etc. Goldman Sachs finally decided to check that actual yield curve and was utterly shocked to find zero interest rates all over it. 

Eurodollar University's conversation w/Steve Van Metre

Bloomberg Goldman Sachs Says US Yield-Curve Shape Looks Like Zero-Rate Era
https://www.bloomberg.com/news/articles/2025-08-06/goldman-sachs-says-us-yield-curve-shape-looks-like-zero-rate-era

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I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below.
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This had never happened before, an unprecedented vote for the Bank of England's Monetary Policy Committee. Despite it, the Pringles can remains undeterred since this is what rate cutting cycles are. The destination remains the same and another drop in employment in the UK as well as France further proves it. 

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This video was sponsored by Glint. Graphic representations of value are for illustrative purposes only. The Glint Debit card is issued by Sutton Bank, Member FDIC. The sale, purchase and storage of precious metals are offered by Glint, and not Sutton Bank. 

Your investment in precious metals through Glint is:
-Not insured by the FDIC.
-Not a deposit or other obligation of, or guaranteed by, Sutton Bank.
-Subject to investment risks, including the possible risk of loss of the principal amount invested.

All investments involve risk, including possible loss of principal. The value of precious metals is affected by many economic factors, including but not limited to the current market price, demand, perceived scarcity, and quality of the precious metal.  Precious metals can increase or decrease in value. Past performance is not a guarantee of future results. As such, investing in precious metals may not be suitable for everyone.

Glint Pay Inc. is a U.S. based authorized Card Program Manager, not a bank. Banking services are provided by our partner Sutton Bank, Member FDIC. Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.

I’m excited to share something I’ve negotiated for you guys: you can now get a Glint Card for FREE (normally $10) just by registering with my code ‘SNIDER’ or filling out the form on the page I’ve linked below.
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Everything continues to point directly toward much lower rates, including what is setting up to be a repeat of last summer. As Steve and I said a few days ago in the wake of the unambiguously bad jobs report, watch the market and the Fed speakers this week. It's been only two days and they're doing just what we thought they would, putting the FOMC back on the road swaps paved for a fifty in September. 

Eurodollar University's Money & Macro Analysis

Reuters Exclusive: Fed's Daly says time is nearing for rate cuts, may need more than two
https://www.reuters.com/business/feds-daly-says-time-is-nearing-rate-cuts-may-need-more-than-two-2025-08-04/

Dow Jones Kashkari leans toward rate cut as concerns about an economic slowdown grow at the Fed
https://www.morningstar.com/news/marketwatch/20250806162/kashkari-leans-toward-rate-cut-as-concerns-about-an-economic-slowdown-grow-at-the-fed

Bloomberg Fed’s Kashkari Says Rate Cut May Be Appropriate in Near Term
https://www.bloomberg.com/news/articles/2025-08-06/fed-s-kashkari-says-rate-cut-may-be-appropriate-in-near-term

Bloomberg Bets on Fed Rate Cuts Are Sweeping Through US Bond Market
https://www.bloomberg.com/news/articles/2025-08-05/bets-on-fed-rate-cuts-are-sweeping-through-the-us-bond-market

Bloomberg Trump Says He Will Decide on Fed Governor Before End of the Week
https://www.bloomberg.com/news/articles/2025-08-05/trump-says-he-will-decide-on-fed-governor-before-end-of-the-week

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

This video was sponsored by Glint. Graphic representations of value are for illustrative purposes only. The Glint Debit card is issued by Sutton Bank, Member FDIC. The sale, purchase and storage of precious metals are offered by Glint, and not Sutton Bank. 

Your investment in precious metals through Glint is:
-Not insured by the FDIC.
-Not a deposit or other obligation of, or guaranteed by, Sutton Bank.
-Subject to investment risks, including the possible risk of loss of the principal amount invested.

All investments involve risk, including possible loss of principal. The value of precious metals is affected by many economic factors, including but not limited to the current market price, demand, perceived scarcity, and quality of the precious metal.  Precious metals can increase or decrease in value. Past performance is not a guarantee of future results. As such, investing in precious metals may not be suitable for everyone.

Glint Pay Inc. is a U.S. based authorized Card Program Manager, not a bank. Banking services are provided by our partner Sutton Bank, Member FDIC. Glint Pay Inc. employs effective Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and fraud prevention systems and controls to mitigate and combat risks.

The Federal Reserve reported a record increase in student loan delinquencies to go with high rates of souring household loans in credit cards and auto lending. The distress is another confirmation of macro deterioration starting with jobs and incomes. And that's just what the latest major economic release on US services showed today -- another alarming drop for employment. 

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Huge moves at the front part of the interest rate curve. Bills did something we haven't seen since April. Meanwhile, forward rates reacted to Friday's payroll numbers with crisis-level hedging and then held those prices today. Why? Simple: payrolls were the last of it. 

Eurodollar University's Money & Macro Analysis

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With Monetary Metals, you don’t just hold gold, you earn a real yield on it, paid monthly in physical gold, without ever giving up ownership
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Bloomberg Job Market Healthy Despite ‘Disappointing’ Report, Fed’s Hammack Says
https://www.bloomberg.com/news/articles/2025-08-01/fed-s-hammack-says-job-market-healthy-despite-disappointing-data

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