It's not what everyone says, watch what they do. Big companies and big banks (JPM, too) are making heavy preparations for sharply lower interest rates. The former, in particular, have basically revived the long-dormant commercial paper market in a clear sign. At the same time, US and global banks are remaking their balance sheets in critical and unambiguous ways. Even some Fed officials are now seeing it, too. R is back to being an ultra-low STAR.
Eurodollar University's Money & Macro Analysis
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Eurodollar University's One Big Weekly Theme
https://eurodollaruniversity.substack.com/
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Bloomberg America Inc. Swaps Decades for Days in Rush to Commercial Paper
https://www.bloomberg.com/news/articles/2025-09-02/30-years-try-30-days-america-inc-flocks-to-commercial-paper
CNN Be prepared for 7% interest rates, warns Jamie Dimon
https://www.cnn.com/2023/10/02/investing/jamie-dimon-jpmorgan-7-percent-interest-rate-recession
FRBNY John Williams All the Stars We Cannot See
https://www.newyorkfed.org/newsevents/speeches/2025/wil250825
Bloomberg Won Advances After BOK Governor Defends Currency Intervention
https://www.bloomberg.com/news/articles/2025-08-28/won-gains-after-bok-rhee-s-comments-on-forex-intervention-goals
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.