Repo. It’s back. Or more accurately, never really left. When we last left off with it, things were calming down which is not unusual in these circumstances. That didn’t mean it was a one-time, one-off matter, just that in the middle of the month there isn’t a whole lot going on. But now with the Thanksgiving holiday here and December approaching, repo rates are up, borrowing from the Fed is back, and in related developments the hedge fund-private credit world is getting spicier.

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Bloomberg UBS Boss Is Right on Private Credit Rating Risks
https://www.bloomberg.com/opinion/articles/2025-11-06/ubs-boss-scores-one-for-banks-over-private-credit

BIS The transformation of the life insurance industry: systemic risks and policy challenges
https://www.bis.org/publ/bppdf/bispap161.htm

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Despite half the Federal Reserve’s best efforts to take away the December rate cut, the bond market is signaling from top to bottom, back to front it doesn’t care one bit. The FOMC can spout off on tariff inflation, they can claim there is no way they’ll support lowering rates next month, yields are going down and taking inflation expectations with them. The bond market is making big moves despite KC Jeff and his federal funds band.

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Conference Board US Consumer Confidence Fell Sharply in November
https://www.conference-board.org/topics/consumer-confidence/

Bloomberg Retail Sales Lost Steam in September as Shoppers Pulled Back
https://www.bloomberg.com/news/articles/2025-11-25/us-retail-sales-rose-0-2-in-september-as-consumers-pulled-back

CNBC Core wholesale prices rose less than expected in September; retail sales gain
https://www.cnbc.com/2025/11/25/core-wholesale-prices-rose-less-than-expected-in-september-retail-sales-gain.html

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India’s rupee broke, plunging and I mean plunging Friday to a new record low and once again embarrassing the country’s central bank which had been intervening heavily for the past month. The funny thing is, there really wasn’t much of a trigger to it, at least not on the surface. The rupee continues to be a major global bellwether that often has less to do with India specifically. This once again appears to be one of those cases especially with the dollar making big moves against other important currencies, too.

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Bloomberg Indian Rupee Sinks to All-Time Low as RBI’s Absence Sows ‘Panic’
https://www.bloomberg.com/news/articles/2025-11-21/indian-rupee-slides-to-record-low-on-delay-in-us-trade-deal

Bloomberg Korean Won Approaches Dollar-Sale Trigger Zone Before Rate Call
https://www.bloomberg.com/news/articles/2025-11-24/korean-won-approaches-dollar-sale-trigger-zone-before-rate-call

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Over half of American homes lost value over the last year, the highest number since...2012. More importantly, even the media is catching on that something big changed this summer in real estate. The reason why the housing market is retreating isn't interest rates. Lower mortgage costs have not sparked a turnaround in the face of all expectations they would.

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Zillow 53% of U.S. homes lost value in the past year, the most since 2012
https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2025/53-of-U-S--homes-lost-value-in-the-past-year-the-most-since-2012/default.aspx

Home Value Declines Spread, But Losses Since Last Sale Are Rare
https://www.zillow.com/research/home-value-decline-35724/

Bloomberg Job and Housing Stresses Are Caught in a Vicious Loop
https://www.bloomberg.com/opinion/articles/2025-11-21/job-and-housing-stresses-are-caught-in-a-vicious-loop

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Nvidia was a bust. Not the company’s earnings and forecasts, those were stellar. Instead, it didn’t provide the buying boost everyone thought it would. Stocks lost ground. Bitcoin continues to get hammered, down by a third in roughly six weeks. What is going on here? The answer, or answers, are coming from the cockroaches. There’s more to the Blue Owl hedge fund story. Plus, Bitcoin is correlating with what we call the triple hooks.

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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CNBC Stocks tumble, Nasdaq closes 2% lower after stunning reversal in AI, Nvidia stocks
https://www.cnbc.com/2025/11/19/stock-market-today-live-updates.html

CNBC Blue Owl calls off merger of its two private credit funds after announcement rattles stock
https://www.cnbc.com/2025/11/19/blue-owl-calls-off-merger-of-its-two-private-credit-funds-after-announcement-rattles-stock-sources-say.html

Bloomberg Blue Owl Money Machine Sputters in Face of Private Credit Cracks
https://www.bloomberg.com/news/articles/2025-11-20/blue-owl-money-machine-sputters-in-face-of-private-credit-cracks

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After Home Depot disappointed and Target got slammed, Walmart reported results that were above expectations because in this economic climate the Target and Home Depot’s losses are Walmart’s gains. And its strength came from all income brackets, though high-income Americans are increasingly turning to Walmart. That’s not good. But it does fit with the long-delayed payroll data that just came out, which you’ll be shocked to learn has another revision turning another monthly number negative. That makes two.

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
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FOMC October 2025 Minutes
https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20251029.pdf

NBC News Walmart raises sales outlook, boosted by e-commerce and higher-income shoppers
https://www.nbcnews.com/business/business-news/walmart-earnings-ecommerce-rcna244853

CNBC Walmart hikes sales and earnings forecast as it attracts shoppers across incomes
https://www.cnbc.com/2025/11/20/walmart-wmt-q3-2026-earnings.html

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While everyone else is glued to Nvidia, the results from Home Depot and Target will have far more to say about the markets and a lot more. Plus others like TJ Maxx, Bitcoin and the surprising Fed minutes that has a lot to say about the status of December's rate cut.

Bloomberg Wary Stock Bulls Eye Walmart, Target for Clues to Consumer Health
https://www.bloomberg.com/news/newsletters/2025-11-17/wary-stock-bulls-eye-walmart-target-for-clues-to-consumer-health?srnd=phx-economics-v2

Economic Times TGT stock falls today as Target cuts guidance and predicts weak holiday sales
https://economictimes.indiatimes.com/news/international/us/tgt-stock-falls-today-as-target-cuts-guidance-and-predicts-weak-holiday-sales/articleshow/125437666.cms?from=mdr

Read more at:
https://economictimes.indiatimes.com/news/international/us/tgt-stock-falls-today-as-target-cuts-guidance-and-predicts-weak-holiday-sales/articleshow/125437666.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

YahooFinance Target cuts earnings guidance, warns about high prices, and predicts a weak holiday season
https://finance.yahoo.com/news/target-cuts-earnings-guidance-warns-about-high-prices-and-predicts-a-weak-holiday-season-113001475.html

CNBC TJ Maxx and Marshalls owner hikes outlook as CEO says holiday season is off to a ‘strong start’
https://www.cnbc.com/2025/11/19/tjx-companies-tjx-earnings-q3-2026.html

FOMC Minutes
https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20251029.pdf

We went from the economy is strong and resilient, credit markets are fine reaching for yield to big names like Jamie Dimon and now so-called bond king Jeffrey Gundlach openly talking about cockroaches and garbage lending that are looking more like 2006 and 2007 every day. We’ve even got news of more hedge fund redemptions. Unlike a few months ago, now all of a sudden the possibilities seem plausible to people who forever refused to even consider the idea.

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 Jeffrey Gundlach Warns of ‘Garbage Lending’ as Private Credit Booms
https://www.bloomberg.com/news/articles/2025-11-17/gundlach-slams-garbage-lending-in-private-credit-market

Bloomberg Blue Owl Plunges to 2023 Low After Blocking Exit From Fund
https://www.bloomberg.com/news/articles/2025-11-17/blue-owl-plunges-to-2023-low-after-blocking-exit-from-early-fund

Bloomberg Funding Market Strains Spur Wall Street Calls for More Action From Fed
https://www.bloomberg.com/news/articles/2025-11-13/funding-market-strains-spur-wall-street-calls-for-more-action-from-fed

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