The Japanese yen keeps tumbling and as it does it is tanking the bond market over there. What we have is the first case of a currency value setting interest rates, with, of course, the Bank of Japan helplessly caught in the middle. That helplessness is reinforced by the fact Japan’s currency is being closely paralleled by South Korea’s and others across Asia. The tumbling won and yen have led to government calls for stringent action, including from Treasury Secretary Bessent today.

Eurodollar University's Money & Macro Analysis

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EDU LIVE PRESIDENT'S DAY FEBRUARY 2026

If you’re a serious investor and want to capitalize on what the monetary system is signaling right now, plus deep discussions about what truly is the greatest threat we all face, join me, Hugh Hendry, George Gammon, Steve Van Metre, Brent Johnson, Mike Green at Eurodollar University's very first Live Event, President's Day Weekend February 2026.

To reserve your spot just go here but you better hurry, there aren't many spots left:
https://eurodollar-university.com/event-home-page
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Statement from Federal Reserve Chair Jerome H. Powell
https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm

Bloomberg Tariff Pass-Through Limited So Far, US Data Showhttps://www.bloomberg.com/news/newsletters/2026-01-13/tariff-pass-through-limited-so-far-us-data-show-evening-briefing-americas

‘Sell America’ Trade Is Revived by Trump’s Latest Fed Attack
https://www.bloomberg.com/news/articles/2026-01-12/fed-subpoenas-revive-sell-america-trade-on-autonomy-concerns

South Korea Is Pulling Out All Stops to Try to Prop Up Won
https://www.bloomberg.com/news/articles/2025-12-18/south-korea-digs-deeper-into-intervention-toolkit-as-won-slides

Bessent Calls Out Drop in South Korea’s Won After Remarks on Yen
https://www.bloomberg.com/news/articles/2026-01-14/bessent-flags-won-s-weakness-as-excessive-offering-rare-support

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Twitter: https://twitter.com/JeffSnider_EDU

JP Morgan missed on its earnings after failing to sell as many bonds as it was expecting for its customers. At the same time, Jamie Dimon, the bank’s CEO, he of cockroach fame, was forced to acknowledge how the labor market had softened before then going on to describe Goldilocks anyway. This is something that has come up in a couple of other sources already, not Goldilocks though that is the Fed’s official position, too. No, bond issuance is looking weak heading into 2026, another one of those key credit cycle signs.

Eurodollar University's Money & Macro Analysis

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

EDU LIVE PRESIDENT'S DAY FEBRUARY 2026

If you’re a serious investor and want to capitalize on what the monetary system is signaling right now, plus deep discussions about what truly is the greatest threat we all face, join me, Hugh Hendry, George Gammon, Steve Van Metre, Brent Johnson, Mike Green at Eurodollar University's very first Live Event, President's Day Weekend February 2026.

To reserve your spot just go here but you better hurry, there aren't many spots left:
https://eurodollar-university.com/event-home-page
---------------------------------------------------------------------------------------------------------------------

JPM Q4 2025
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/4th-quarter/d868c7ef-1670-465d-ba75-c2b36ddbcc6b.pdf

JPM Q4 2024
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/4th-quarter/36b3c0a4-3ecd-422e-8167-0a31372f3438.pdf

A Growing Number of Bonds Edge Closer to Junk Status
https://www.tradealgo.com/news/a-growing-number-of-bonds-edge-closer-to-junk-status

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

Almost 40% of Canadian real estate funds have restricted access to investor funds, and that includes potential payouts. It’s a sign of how deep the housing bust in Canada has gotten to be, but also applies to the situation that’s spreading across global markets where it comes to the shadow bank matter. In fact, the UK’s house of lords urged the Bank of England to look into private credit risks “as a matter of urgency.”

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.
With our memberships, we’ll fill in everything that you’ve been missing.

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Bloomberg Canadians Are Furious After Real Estate Funds Lock Up Their Money
https://www.bloomberg.com/news/articles/2026-01-12/fed-subpoenas-revive-sell-america-trade-on-autonomy-concerns

Bloomberg Private Credit Risks Need Urgent Attention, UK Lawmakers Say
https://www.bloomberg.com/news/articles/2026-01-09/lords-report-slams-uk-treasury-for-apathy-to-private-credit-risk

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