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Walmart isn't sitting on tariffs. They instead rolling back more prices understanding what Chipotle just found out the hard way. The burrito bowl restaurant reported its first sales decline since the lockdowns, and the reason why has everyone from airlines to Walmart scrambling.

Eurodollar University's Money & Macro Analysis

Bloomberg Walmart Amps Up Discounts as Rivals Weigh Tariff-Driven Hikes
https://www.bloomberg.com/news/articles/2025-04-24/walmart-amps-up-discounts-to-lure-cost-conscious-customers

Bloomberg Walmart Keeps Price Pressure on Suppliers After Beijing Pushback
https://www.bloomberg.com/news/articles/2025-04-02/walmart-keeps-price-pressure-on-suppliers-after-beijing-pushback

CNBC Chipotle is seeing a ‘slowdown’ in consumer spending as 2025 gets off to a rough start
https://www.cnbc.com/2025/04/23/chipotle-mexican-grill-cmg-q1-2025-earnings.html

Bloomberg American Air Is Latest US Carrier to Give Up on 2025 Forecast
https://www.bloomberg.com/news/articles/2025-04-24/american-air-aal-pulls-full-year-outlook-on-soft-travel-demand-worry

Bloomberg United Airlines Is So Unsure About the Economy It Offers Two Profit Scenarios
https://www.bloomberg.com/news/articles/2025-04-15/united-air-flags-recessionary-risk-while-keeping-profit-target

CNBC Alaska Airlines warns of slower demand as second-quarter profit outlook falls short
https://www.cnbc.com/2025/04/23/alaska-air-alk-1q-2025-earnings.html

SPG Composite PMI flash April 2025
https://www.pmi.spglobal.com/Public/Home/PressRelease/9ee36c52b8a649adada211c1842512be

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While the whole world seems convinced the rest of it is rotating away from Treasuries, the actual evidence unequivocally shows something very different. This isn't a one-time relationship, either. Instead, a deep fundamental basis that connects repo, interest rates foundations, global banks, and the recent deflationary developments.

Eurodollar University's Money & Macro Analysis

Bloomberg Traders View Treasury Auctions as Litmus Test for Foreign Buyers
https://www.bloomberg.com/news/articles/2025-04-23/us-treasury-auctions-offer-latest-clues-on-foreign-buyers-strike

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Twitter: https://twitter.com/JeffSnider_EDU

Another day, another major warning this time once again from the Swiss. This one is a critical dollar signal. Even though the mainstream gets it completely backward, that diminish the significance of the surge. Plus, it is being corroborated by others along with changes to macro interpretations even among official bodies like the IMF.

Eurodollar University's Money & Macro Analysis

SNB's Martin Schlegel December 12, 2024
https://www.bloomberg.com/news/videos/2024-12-12/snb-s-schlegel-on-interest-rate-decision-negative-rates

IMF WEO April 2025
https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025

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