Eurodollar University BREAKING: Now It's Wells Fargo AND Deutsche Bank
Mar 16, 2026
Steve Van Metre, market commentator versed in dollar positioning and bank behavior. He discusses how private credit stress is spilling into major banks. He explains dollar short risks that could force price discovery. He explores fund gating, who holds private credit, and why institutional herding raises systemic danger.
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Big Banks Become The Next Private Credit Targets
- Markets are widening the fallout from private credit into big banks as investors hunt for who will pay for poor lending decisions.
- Jeff Snider highlights Deutsche Bank and Wells Fargo joining BlackRock/Blackstone as stocks get hammered amid the private credit bust.
Dollar Strength Forces Price Discovery
- A rising U.S. dollar forces price discovery and exposes hidden weakness because many market participants are short dollars.
- Steve Van Metre warns that a dollar breakout will chase short sellers and reveal true asset pricing, especially in private credit.
Stock Moves Are Proxy Price Discovery For Shadow Banks
- Lack of transparent pricing has kept the private credit problem hidden, so stock moves of managers are used as proxy price discovery.
- Jeff points to Blue Owl's collapse in stock price as an exhausted but useful signal of underlying losses.