They thought they were reassuring debt markets over AI cash. Instead, the company kicked a hornet's nest, unleashing a MAJOR selloff that is sweeping through private credit. It isn't just the BDCs (publicly traded funds) this time, either. The asset managers themselves are now getting swept up in the money outflows.

Eurodollar University Money & Macro Analysis

The selloff in precious metals, particularly silver, has extended into today’s session. One reason why, one additional reason why, we’re seeing reports of fraud emerge in heavy buyer China, including from a guy who’s apparently called “the hat.” It’s the kind of thing that usually comes up when big bubbles go up and then pop, so another sign that’s what’s happening here in the short run. Which raises another question, how far down might silver go in the near-term?

Eurodollar University's Money & Macro Analysis

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China gold "protests"
https://www.youtube.com/shorts/HbICfItSfZA

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

A key corner of the credit market is experiencing sustained and even accelerated selling at the end of January 2026. What we’re talking about is historically one of the most economically sensitive segments, a growing caution about the climate ahead. And it’s not the only one. From cryptocurrencies to the inability of the AI bubble to get going, the cracks continue to widen rather than fade away like everyone said they were going to.

Eurodollar University's conversation w/Steve Van Metre

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