Existing home sales utterly crashed in January. Yes, January is not a great month for real estate shopping and there was obviously less than ideal weather, however those don’t explain the 8.4% plunge in transactions. Analysts who were already factoring those other excuses only thought there would be a modest impact from them, not the biggest monthly drop in housing in four years. So much for that supposedly strong payroll report.

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NAR Existing-Home Sales Report Shows 8.4% Decrease in January
https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-8-4-decrease-in-january

Household Debt and Credit Report
https://www.newyorkfed.org/microeconomics/hhdc.html

Where Are Mortgage Delinquencies Rising the Most?
https://libertystreeteconomics.newyorkfed.org/2026/02/where-are-mortgage-delinquencies-rising-the-most/

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We really, really messed up the jobs data the past few years, we got it almost completely wrong, but trust us, we’re good now. That’s what the BLS is saying today about its estimates for jobs and employment and right now no one is buying it. Why should they? The agency screwed up so badly it now admits there were 1.03 million fewer payrolls as of December than it previously thought. One million fewer payrolls.

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The UK’s Prime Minister is hanging on for his career after a series of missteps has his own labor party almost in revolt. The current crisis was triggered by an ill-advised appointment of an ambassador to the US who is caught up in the Jeffrey Epstein mess. But that’s not really the issue. Once again, a government that came to power not even two years ago finds voters who can’t wait to throw it out of office.

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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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Starmer banks on economic growth to 'rebuild Britain'
https://www.bbc.com/news/articles/clll8d2vd8yo

Why UK Prime Minister Rishi Sunak called an election he’s expected to lose
https://www.cnn.com/2024/05/24/uk/prime-minister-rishi-sunak-election-intl

UK Opinion Polls
https://www.ipsos.com/en-uk/uk-opinion-polls

New UK prime minister Rishi Sunak warns ‘difficult decisions to come’
https://www.theguardian.com/politics/2022/oct/25/rishi-sunak-warns-difficult-decisions-to-come-as-he-assumes-office

UK General election 2024 Results
https://www.bbc.com/news/election/2024/uk/results

How unpopular is Britain’s Labour government?
https://www.economist.com/interactive/2025-british-politics

Europe's leaders are deeply unpopular
https://www.axios.com/2026/02/10/europe-leadership-crisis-starmer-macron-merz

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Thanks to Monarch for partnering with me! Start your free trial and get 50% off your first year of total money clarity using my link https://monarchmoney.yt.link/mFP5VcW or code euro50.

Authorities in China are advising Chinese banks they need to seriously consider changing up their bond market allocations right now. Citing concentration risk as well as the possibility for volatility, regulators are supposedly trying to prevent depositories from buying bonds. If this sounds familiar, it should since the PBOC did something similar in the summer of 2024. But in this case, the asset being targeted isn’t local.

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China Urges Banks to Curb Exposure to US Treasuries
https://www.bloomberg.com/news/articles/2026-02-09/china-urges-banks-to-limit-holdings-of-us-treasuries-citing-market-volatility

Foreign Holdings of US Treasuries Climbed to Record in November
https://www.bloomberg.com/news/articles/2026-01-15/foreign-holdings-of-us-treasuries-climbed-to-record-in-november

Dollar Global Transaction Use Jumps to New High, Swift Says
https://www.bloomberg.com/news/articles/2026-01-22/dollar-global-transaction-usage-jumps-to-new-high-swift-says

PBOC Says No Longer in China’s Interest to Increase Reserves (2013)
https://www.bloomberg.com/news/articles/2013-11-20/pboc-says-no-longer-in-china-s-favor-to-boost-record-reserves

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It was a trio of reports that turned an already shaky market into a disorderly mess. Private credit stocks were hit hard as were cryptocurrencies after ADP, Challenger and a delayed release from the BLS each overwhelmed expectations. Just more negative fuel to the selling fire as the riskiest financial markets were reeling from the economic implications.

Eurodollar University's conversation w/Steve Van Metre

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Challenger Gray & Christmas
https://www.challengergray.com/blog/challenger-report-january-job-cuts-surge-lowest-january-hiring-on-record/

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European banks were asked what they thought about corporate credit opportunities in the coming year given that most officials, anyway, in Europe believe everything is picking up. As Christine Lagarde, head of the ECB, is so fond of saying, Europe, European interest rate policy, inflation, the economy, everything is in a good place. Except, the answer the banking sector sent back surprised everyone and is almost certainly going to play a role in market volatility like we’ve been seeing recently.

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

Widespread financial meltdown continued again today, slamming crypto, silver, and private credit particularly hard. After what appeared to be an early morning rally, it didn’t last as a range of more-than-disappointing labor data came flooding to the tape. The narrative of a 2026 pick up is not being picked up anywhere other than mainstream Economists.

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Pepsi is slashing prices for some of its most popular brands, some by 15%. The company said it has spent the past year listening to consumer feedback. Nah. What happened is always what happens in this economy and why there is no breakout inflation. Companies that do raise prices end up sacrificing volumes because their customers can’t afford to pay more.

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PepsiCo to cut prices of Lay's, Doritos as consumers push back
https://www.reuters.com/sustainability/sustainable-finance-reporting/pepsico-tops-quarterly-revenue-estimates-resilient-demand-sodas-2026-02-03/

After Years of Increases, PepsiCo Pledges to Cut Prices on Snackshttps://www.nytimes.com/2026/02/03/business/pepsi-doritos-cheetos-prices.html

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