PIMCO Pod

In this episode, we discuss why the Fed may consider tightening policy even though labor costs don’t appear to be driving inflation.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included...

In this episode, we discuss how Most U.S. investment grade and high yield borrowers appear positioned to withstand refinancing costs, but CCC rated issuers face greater pressure as elevated yields meet weaker balance sheets.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information p...

In this episode, we discuss how Treasury buybacks may support market liquidity while preserving a regular and predictable debt strategy.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information incl...

In this episode, we discuss how A confluence of rising sovereign debt, surging AI-related corporate bond issuance, and inflation concerns has lifted the 30-year yields in the U.S. and elsewhere to two-decade highs.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in...

In this episode, we discuss how Direct lending defaults are harder to observe than public market defaults, but analysis suggests financial distress has risen markedly since 2022.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibi...

In this episode, we discuss why shifting labor market dynamics are keeping U.S. wage growth subdued despite falling unemployment.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included he...

In this episode, we discuss how BDC equities continue to trade at significant discounts to NAV, reflecting skepticism toward reported marks, a concern reinforced by valuation levels that have yet to fully reset, even as BDC bonds continue to outperform their stocks.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for...

In this episode, we discuss how rising retirements and weaker labor supply are easing labor costs and complicating the Fed’s read on the U.S. labor market.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. T...

In this episode, we discuss how As AI-related issuance reshapes bond markets, differences in U.S. dollar and euro performance offer new insights into the roles of supply and technical factors. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sol...

In this episode, We discuss why underlying U.S. inflation appears contained despite elevated core PCE readings, and what that may mean for Fed policy.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The in...

In this episode, we discuss how Foreign demand for U.S. assets – especially credit – remains resilient amid broader macro and market uncertainties.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The infor...

In this episode, we discuss why the Fed held rates steady in July and what lingering inflation risks could mean for future policy.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included h...

In this episode, we discuss how geopolitical tensions and disrupted shipping routes are intensifying energy market risks and weighing on the global economy. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. Th...

In this episode, we discuss how Leverage and complexity are gaining ground in today’s late-cycle markets, signaling caution – not crisis – and underscoring the value of diversification and risk management.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcas...

In this episode, we discuss how markets seem to be getting more sophisticated in distinguishing between different types of inflation – supply-driven or demand-driven – and they price monetary policy surprises accordingly.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information prov...

In this episode, we discuss how Cheap U.S. Treasury valuations may explain part of the optics behind today’s tight credit spreads, but fundamental and technical factors remain the primary drivers for market moves. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a...

In this episode, we discuss how In the Warsh Fed's new era of two-way risk, bonds offer something rare: potential downside risk mitigation that investors get paid to hold.​‌ The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of...

In this episode, we discuss how commercial real estate is moving into a new phase, where AI, shifting space needs, and higher-for-longer rates are reshaping investment opportunities and returns. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the s...

In this episode, we discuss how recent Fed comments and inflation data could shape the outlook for rates and bond markets through year-end. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information inc...

In this episode, we discuss how higher earnings forecasts across corporate credit have raised the bar for second-quarter reporting, while AI hyperscaler capital spending is poised to continue to drive the narrative. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in...

In this episode, we discuss how higher rates, weaker underwriting, and software concentration are exposing vulnerabilities in direct lending and leveraged loans, while high yield bonds appear better positioned. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a pod...

In this episode, we discuss whether AI could lower – not raise – neutral interest rates over time, and what that means for monetary policy, bond markets, and the economic outlook. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibil...

In this episode, we discuss how a widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a...

In this episode, we discuss the potential market impact of a less communicative Federal Reserve amid broader macro uncertainties The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herei...

In this episode, we discuss how in a world of high starting yields and rupturing economic alliances, investors who actively diversify across regions, sectors, and currencies can be better positioned to pursue durable returns. The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information pr...