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Repo. It’s back. Or more accurately, never really left. When we last left off with it, things were calming down which is not unusual in these circumstances. That didn’t mean it was a one-time, one-off matter, just that in the middle of the month there isn’t a whole lot going on. But now with the Thanksgiving holiday here and December approaching, repo rates are up, borrowing from the Fed is back, and in related developments the hedge fund-private credit world is getting spicier. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------------------------------------------------- Eurodollar University's EARLY BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- Bloomberg UBS Boss Is Right on Private Credit Rating Risks https://www.bloomberg.com/opinion/articles/2025-11-06/ubs-boss-scores-one-for-banks-over-private-credit BIS The transformation of the life insurance industry: systemic risks and policy challenges https://www.bis.org/publ/bppdf/bispap161.htm https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU |