Flat Beveridge strikes again. You know the drill. We’ve been stuck in forgot how to grow and its no-hire/no-fire labor market the past few years. That began to change last year, especially last summer when no-hiring somehow got to be even less hiring. Then last year and this year, no-firing became some firing, in other words, shifting to the flat part of the Beveridge curve. But what we’ve been getting more recently looks to be an escalation in firing. Verizon just announced it may be cutting 15% of its 100,000 strong workforce.

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

Texas Service Sector Outlook Survey
https://www.dallasfed.org/research/surveys/tssos/2025/2510#tab-report

Bloomberg Verizon Eyes Up to 15,000 Layoffs as New CEO Takes Charge
https://www.bloomberg.com/news/articles/2025-11-13/verizon-layoffs-could-come-next-week-as-new-ceo-takes-charge

CNBC White House says October jobs and inflation data may never be released because of the shutdown
https://www.cnbc.com/2025/11/12/white-house-october-data-release.html

Bloomberg Fed’s Perli Says Won’t Be Long Before Fed Starts Buying Assets
https://www.bloomberg.com/news/articles/2025-11-12/fed-s-perli-says-won-t-be-long-before-fed-starts-buying-assets

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

The collapse and bankruptcy of another private credit supported firm has generated significant losses this week. But as I pointed out last week with the shuttered UBS sponsored hedge funds, it isn’t necessarily the amount of money being burned. It’s what each of these cockroaches reveals, and how they add to the growing mistrust about the entire private credit shadow banking network. That’s the real danger which could threaten to unravel a whole lot more than a few troubled firms.

Eurodollar University's Money & Macro Analysis

-------------------------------------------------------------------
Get the free guide that breaks down the real economic signals behind America’s shrinking consumer demand, and how to protect your wealth before the slowdown hits your income
https://web.eurodollar-university.com/home
-------------------------------------------------------------------

Bloomberg BlackRock Faces 100% Loss on Private Loan, Adding to Credit Market Pain
https://www.bloomberg.com/news/articles/2025-11-10/blackrock-eyes-100-loss-on-private-loan-amid-debate-over-marks

Bloomberg Why First Brands Has Sparked So Many Concerns on Wall Street
https://www.bloomberg.com/news/articles/2025-11-10/why-first-brands-collapse-sparked-concerns-on-wall-street

Bloomberg Car Loan Delinquencies Hit Record for Riskiest Borrowers
https://www.bloomberg.com/news/articles/2025-11-12/car-loan-delinquencies-hit-record-for-riskiest-borrowers

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

Fast food chain Wendy's said it’s closing hundreds more US locations than previously announced because customers can’t afford to eat there. It fits with what McDonalds US President said last week about how the entire industry is fighting for contracting traffic. It sounds practically Chinese talking about oversupply of cheap hamburgers and chicken nuggets. But as we know only too well from China’s economy, it isn’t too much production it is the lack of demand.

Eurodollar University's Money & Macro Analysis

-------------------------------------------------------------------
Get the free guide that breaks down the real economic signals behind America’s shrinking consumer demand, and how to protect your wealth before the slowdown hits your income
https://web.eurodollar-university.com/home
-------------------------------------------------------------------

USA Today Wendy's to close roughly 300 stores nationwide starting in late 2025
https://www.usatoday.com/story/money/2025/11/07/wendys-closing-hundreds-stores-2025/87146469007/

CNBC McDonald’s U.S. boss puts focus on ‘value and affordability’ as consumer spending splits
https://www.cnbc.com/2025/11/06/mcdonalds-us-boss-memo-value-affordability.html

Bloomberg US Small-Business Optimism Dips to Six-Month Low on Earnings
https://www.bloomberg.com/news/articles/2025-11-11/us-small-business-optimism-slips-to-six-month-low-on-earnings

Bloomberg US Companies Shed Jobs in Late October, Weekly ADP Data Show
https://www.bloomberg.com/news/articles/2025-11-11/us-firms-shed-11-250-jobs-per-week-in-four-weeks-to-oct-25-adp

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