The good news is the IRS is reporting about a 10% rise in average income tax refunds. However, the initial data is showing most Americans are just not spending the windfall. Understandably, they’re either saving the money or more often paying down debt. Those are certainly positive in their own way, helping struggling taxpayers repair their own fiscal balance sheets after years of limited income growth and jobs, but from the broader economic perspective it’s not what was hoped.

Eurodollar University's Money & Macro Analysis

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Did the 2008 Tax Rebates Stimulate Spending?
https://pmc.ncbi.nlm.nih.gov/articles/PMC3522430/

Tax Refund Splurge for Many Americans Is Paying Down Debt
https://www.bloomberg.com/news/articles/2026-04-16/higher-2026-tax-refunds-help-us-households-pay-down-credit-card-student-debt

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

The IMF is getting nervous. Nervous to the point its chief economist just said the world is already drifting toward their newly minted adverse scenario. What does that mean? It means a collision course with the point of no return. And that point of no return is much closer than you’d think given how the world was in bad shape before the energy shock showed up. The difference between fragile and resilient makes all the difference.

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

You know who can’t stop talking about the private credit bust? The big bankers. Jamie Dimon is constantly in the media almost too happy to share his negative thoughts. Recently Goldman Sach’s David Solomon reminded everyone the credit cycle has not been repealed. But you know who hasn’t said a word? Life insurance execs. The companies that write retirement annuities. 2008 was about big banks. 2026 is about big insurance.

Eurodollar University's Money & Macro Analysis

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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.

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Life Insurers’ Role in the Intermediation Chain of Public and Private Credit to Risky Firms
https://www.federalreserve.gov/econres/notes/feds-notes/life-insurers-role-in-the-intermediation-chain-of-public-and-private-credit-to-risky-firms-20250321.html

US insurance regulators pulling back the curtain on private credit
https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/3/us-insurance-regulators-pulling-back-the-curtain-on-private-credit-100049804

Insurers’ $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dust
https://www.wsj.com/finance/regulation/insurers-1-trillion-buildup-in-private-credit-is-leaving-regulators-in-the-dust-5f84cad8

The Rise Of Private Credit In Insurers' Investment Portfolios
https://www.spglobal.com/ratings/en/regulatory/article/the-rise-of-private-credit-in-insurers-investment-portfolios-s101643158

The Rise of Insurance-Linked Capital in Private Credit
https://www.abfjournal.com/the-rise-of-insurance-linked-capital-in-private-credit/

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