The most October job cuts in over twenty years. More than October 2008, if you’re keeping score. While that doesn’t mean this is a repeat of 2008, can we all finally admit this is a really serious situation? And as the flat Beveridge curve emerges more clearly, the rising unemployment it represents is also causing collateral damage, pun intended. The New York Fed said yesterday auto, credit card and student loan delinquencies hit levels, well you’ll have to see.  

Eurodollar University's Money & Macro Analysis

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Nov 06 October Challenger Report: 153,074 Job Cuts on Cost-Cutting & AI
https://www.challengergray.com/blog/october-challenger-report-153074-job-cuts-on-cost-cutting-ai/

Revelio Labs Employment — October 2025
https://www.reveliolabs.com/public-labor-statistics/employment/

Revelio Labs RPLS Reports 60k Jobs Added in September Amid BLS Shutdown
https://www.reveliolabs.com/news/macro/rpls-september-release/

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The dollar is accelerating and not in the direction most people were anticipating, to the point it has rattled the entire cryptocurrency space. That’s why cryptocurrencies like Bitcoin just got hit with a major selloff this week as the dollar debasement theme which had driven their latest surge comes up completely empty. More important than that, however, the dollar is accelerating higher which signals quite a lot all its own. But what? You can see how this gets confusing with all this unnatural noise. 

Eurodollar University's Money & Macro Analysis

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. Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. 

With our memberships, we’ll fill in everything that you’ve been missing. 
https://eurodollar.university/memberships 

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Twitter: https://twitter.com/JeffSnider_EDU

Not only is retail giant Target not committing to the big seasonal hiring it always does, the company is actually laying off nearly 2000 of its corporate staff in its biggest management and job shakeup in years. Target is merely the latest “one-off” big name to announce job cuts. No wonder consumer confidence just took another huge hit and that was from the one survey that has held up the best this year.  

Eurodollar University's Money & Macro Analysis

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. Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. 

With our memberships, we’ll fill in everything that you’ve been missing. 
https://eurodollar.university/memberships 

Bloomberg A Wave of US Layoffs Flash Early Warning Sign for Job Market
https://www.bloomberg.com/news/articles/2025-11-03/the-low-hire-low-fire-us-economy-seems-to-be-over

Bloomberg Target to Eliminate 1,800 Roles, 8% of Headquarters Team
https://www.bloomberg.com/news/articles/2025-10-23/target-to-lay-off-8-of-headquarters-team-cut-1-800-roles

NYT UPS Has Cut 48,000 Workers Since Last Year
https://www.nytimes.com/2025/10/28/business/ups-layoffs-48000-workers-this-year.html

Bloomberg A Slump in Cardboard Box Sales Is Stoking Fears of Lackluster Holiday Shopping
https://www.bloomberg.com/news/articles/2025-11-03/cardboard-box-sales-slump-signals-weak-holiday-shopping-ahead

RCM/TIPP Optimism Index Drops Sharply https://www.realclearmarkets.com/articles/2025/11/04/rcmtipp_optimism_index_drops_sharply_1145051.html

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The cash squeeze in wholesale money markets that we’ve been following got a whole more exciting on Friday, and now we have the full set of numbers on it. Interest rates soared the most since 2020 further proving the Federal Reserve’s program which is supposed to keep this from happening doesn’t keep it from happening. Imagine my shock. We also know that there were plenty of spare reserves available, too. And with more borrowing from the Fed again this morning so far, we have to consider the question whether this ongoing and escalating tightness is pointing to something bigger. 

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
---------------------------------------------------------------------------------------------------------------------

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

The ECB this week held its policy rate right at 2% with policymakers out in force claiming to everyone who might listen they’re likely done at that level. Instead, GDP data from all over the continent just came out and showed there’s more pringles yet to come from Europe. But there’s also one big factor here few people are considering and it has to do with the 2% level itself.  

Eurodollar University's Money & Macro Analysis

In a world where markets swing on every headline, focus matters. That’s why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on. If you don’t have the time to go all the way to the depth of Eurodollar University’s comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you. 

eurodollaruniversity.substack.com

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New home sales in China collapsed by 42% in October when compared to last October, representing more than just another setback for the beleaguered Chinese real estate market, the world’s largest asset class. This is a major problem for Chinese banks, not that they were expecting different. So, we see interest rates are back to moving lower, setting multi-month lows with the latest short-lived stretch of optimism based on Chinese tech stocks being burst yet again by the reality stocks are not real life. 

Eurodollar University's Money & Macro Analysis

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. Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise.  With our memberships, we’ll fill in everything that you’ve been missing.

https://eurodollar.university/memberships 

Bloomberg PBOC Adviser Leads Call for Fiscal Support to Housing Market
https://www.bloomberg.com/news/articles/2025-09-24/pboc-adviser-leads-call-for-fiscal-aid-to-support-housing-market

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The reason why Fed Chair Jay Powell didn’t want to commit to a December rate cut is simple. A number of voting members at the FOMC are not convinced the weak labor market is actually all that weak. Sure, the numbers don’t look good, but they’re wonder if it is real. Well, Chipotle and Kraft-Heinz would like to answer them with a pair of serious warnings about what they’re seeing from consumers.  

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
---------------------------------------------------------------------------------------------------------------------

Bloomberg Fed Cuts Rate by Quarter Point, With Dissents on Both Sides
https://www.bloomberg.com/news/live-blog/2025-10-29/fomc-rate-decision-and-fed-chair-news-conference

Bloomberg Chipotle Falls Most Since 2012 After Warning Over Diner Pullback
https://www.bloomberg.com/news/articles/2025-10-29/chipotle-cuts-outlook-for-third-time-in-2025-on-weaker-traffic

WSJ Kraft Heinz Lowers Full-Year Outlook on Weak Consumption Trends
https://www.wsj.com/business/earnings/kraft-heinz-khc-q3-earnings-report-stock-2025-a4c6430e

YahooFinance Kraft Heinz bearish on outlook amid volume decreases ahead of split
https://finance.yahoo.com/news/kraft-heinz-bearish-outlook-amid-173322392.html

Conference Board 
https://www.conference-board.org/topics/consumer-confidence/

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FOMC will cut rates today but what will officials say, or do, about the growing repo mess? Find out as we react to the Fed's decisions and Powell's press statements. 

Eurodollar University’s Money and Macro Analysis

Amazon announced today it will be cutting 14,000 corporate jobs, though leaker reports say the real number will be roughly 30,000 over time. The company itself says it needs to be more nimble to leverage AI technology when the timing and the target instead shows macroeconomic headwinds are behind the move. There is a reason why consumers believe the US economy is in recession right now. While layoffs like Amazon’s remain relatively scarce, unemployment is piling up all over the place and so does the confirmation.  

Eurodollar University's Money & Macro Analysis

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.  Mainstream education has left so many massive gaps on the most foundational concepts, making sense of everything is practically impossible otherwise. 

With our memberships, we’ll fill in everything that you’ve been missing. 

https://eurodollar.university/memberships 

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