Blackstone’s $83 billion BCred fund just reported its first monthly loss due to actual credit problems. However, it’s never credit losses that kill you; it’s always the forced selling, the liquidations. Financial crises begin with small credit losses and then snowball into something far greater because the issues here aren’t numbers on a spreadsheet and seemingly reasonable expected loss calculations. This all comes down to trust and information.

Eurodollar University's Money & Macro Analysis

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Join us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

Sign up below:
https://eurodollar-university.com/home-page-web

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Jon Gray Blackstone President
https://x.com/blackstone/status/2035088934753935648?

Blackstone Private Credit Fund Has First Monthly Loss Since 2022
https://www.bloomberg.com/news/articles/2026-03-20/blackstone-private-credit-fund-has-first-monthly-loss-since-2022

Private Credit Firm Ares Holds Town Hall to Reassure Staff on Market Volatility
https://www.bloomberg.com/news/articles/2026-03-11/ares-holds-townhall-to-reassure-staff-on-market-uncertainties

Ares CEO Says UBS Call on 15% Private Debt Default ‘Absolutely Wrong’
https://www.bloomberg.com/news/articles/2026-03-03/arougheti-says-15-private-debt-default-call-absolutely-wrong

New York Fed Sells Remainder of Maiden Lane LLC Securities; Approximately $2.5 Billion Net Gain Generated for U.S. Public from the Portfolio
https://www.newyorkfed.org/newsevents/news/markets/2018/an180918

Maiden Lane Transactions
https://www.newyorkfed.org/markets/maidenlane.html

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

Global financial markets are all over the place. We’ve talked about commodities being crushed, getting liquidated due to serious and underappreciated funding stress. The other side of that, rising dollar and flight to safety. And on the flipside, growing risk aversion which has markets especially overseas rolling over. Meanwhile, bonds are struggling because central banks are beginning to really panic especially over in Europe.

Eurodollar University's conversation w/Steve Van Metre

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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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Join us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

Sign up below:
https://eurodollar-university.com/home-page-web

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

Liquidations, not mere selling. There's more going on behind the scenes than you think. Critical metals being liquidated means a growing worldwide dollar problem. Possibly a big one. While central bankers are running around talking about rate hikes because they wrongly believe oil prices are inflationary, where it actually matters we’re already seeing the total opposite only starting with gold’s worst week in forever.

Eurodollar University's Money & Macro Analysis

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Join us for our free webinar Thursday March 26, 2026 at 6pm ET. With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

Sign up below:
https://eurodollar-university.com/home-page-web

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Global Risks Renew Dollar Demand in the Currency Swaps Market
https://www.bloomberg.com/news/articles/2026-03-03/global-risks-renew-dollar-demand-in-the-currency-swaps-market

The Dollar's Double Life: Not All Dollar Appreciations Are Born Equal for the Cross-Currency Basis
https://onlinelibrary.wiley.com/doi/full/10.1002/fut.70081

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