Almost four hundred thousand American workers dropped out of the labor force in March, setting yet a new low in labor participation. Why? There are no jobs, a fact confirmed by both the employment estimate plus an utterly dismal hiring rate from JOLTS, one that rivaled January and February 2009. There’s more, too. S&P Global said the services sector contracted for the first time in three years last month and a decline in its employment index, showing how the oil price shock is already starting to sting.

Eurodollar University's conversations w/Steve Van Metre

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S&P Global US Services PMI March 2026
https://www.pmi.spglobal.com/Public/Home/PressRelease/cc86952bb550465d9093b048d7bfdeb8

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

Oil prices are absolutely soaring...AND CRASHING. Yes, at the same time. The main US petroleum benchmark surged by a whopping $11.42 a barrel on Thursday alone, the last trading day before the Good Friday holiday. And one key benchmark clocked in above $140. Yet, the rest of oil futures aren’t soaring at all. In fact, contracts for oil early next year are under $70 per barrel right now - more importantly they’ve been falling for a couple weeks already.

Eurodollar University's Money & Macro Analysis

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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.

To watch a replay of our webinar, click below.
https://youtube.com/live/dkgSJvjWs5M?feature=share

To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:

https://www.eurodollar.university/webinar-offer

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

First, we have our "subprime is contained" moment from the Fed. Second, the run on Blue Owl is "unprecedented." Third, and more important than either of those, it's ***who*** is doing the running. In its disclosure, the sad owl let slip the truth underneath more ridiculous spin. When investors demand 20% to 40% out of your top funds, it's finally time to stop pretending this is all nothing.

Eurodollar University's Money & Macro Analysis

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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.

To watch a replay of our webinar, click below.
https://youtube.com/live/dkgSJvjWs5M?feature=share

To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:

https://www.eurodollar.university/webinar-offer

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

Blue Owl Limits Redemptions on Private Credit Funds After Massive Exit Requests
https://www.bloomberg.com/news/articles/2026-04-02/blue-owl-bdcs-impose-caps-after-facing-41-22-requests-to-exit

Blue Owl struck by $5.4bn of redemption requests
https://www.ft.com/content/f4320148-3d81-4bd0-9ab6-053a5bade188?syn-25a6b1a6=1

Powell: We do not see systemic risks from private credit
https://www.centralbanking.com/central-banks/financial-stability/7975526/powell-we-do-not-see-systemic-risks-from-private-credit

CNBC Exclusive: Transcript: Berkshire Hathaway Chairman Warren Buffett Speaks with CNBC’s Becky Quick on “Squawk Box” Today
https://www.cnbc.com/2026/03/31/cnbc-exclusive-transcript-berkshire-hathaway-chairman-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today.html

Private Credit’s CLO Machine Ramps Up in Push to Raise More Cash
https://www.bloomberg.com/news/articles/2026-04-02/private-credit-s-clo-machine-ramps-up-in-push-to-raise-more-cash