Eurodollar University BREAKING: New Jobs Data Is Worse Than ANYONE Expected
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Dec 18, 2025 The latest jobs data reveals a troubling trend in the US labor market, confirming flat Beveridge territory. This shift has significant implications for credit markets, with rising concerns about hidden risks. Retail sales are down, driven by tariff-induced price hikes, while game console sales plummet due to price-driven volume drops. The Fed's response is also evolving as unemployment rises and underemployment surges. Join a detailed webinar for a comprehensive analysis of these trends and their potential fallout.
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Join The Webinar On Credit Risks
- Snider invites listeners to a webinar to analyze credit-market smoke and private-credit risks.
- He encourages attending to assess how big any private-credit fire might be and its macro implications.
Powell's Language Signals Labor Downgrade
- Snider traces Fed messaging from "strong and resilient" to admitting payroll overstatement and job losses.
- He interprets Powell's comments as confirmation the Fed recognizes flat Beveridge and will cut rates in response to labor weakness.
Rate Cuts As Reaction, Not Stimulus
- Snider emphasizes rate cuts are reactions to labor-market deterioration, not classic stimulus.
- He frames flat Beveridge as a direct driver of Fed policy and further rate easing.