PIMCO Pod
Welcome to PIMCO Pod, where you can listen to readings of PIMCO’s key thought leadership – from our latest economic outlook to the best ideas from our global investment team. Dive into a world of deep expertise across public and private markets and get insights to help you gain an edge in an ever-changing world.
Drawing Comparisons Between Technology Regimes: A Behavioral View
In this episode, we discuss how AI’s investment boom resembles the dot-com era, while highlighting key differences that could shape investor risks and opportunities.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for an...
Welcome Back, Balanced Portfolio
In this episode, we discuss how With resilience concentrated among wealthier households, investors should prioritize quality and structure across consumer-linked ABF investments.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or o...
How a K-Shaped Economy Affects Opportunities in Asset Based Finance
In this episode, we discuss how With resilience concentrated among wealthier households, investors should prioritize quality and structure across consumer-linked ABF investments.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or o...
If Inflation Is the Problem, Why Aren't Wages?
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO...
The Credit Market Lens: U.S. Corporate Issuers Can Digest Higher Refinancing Costs
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 provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as...
Buybacks, Market Functioning, and Treasury Predictability
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 included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other secu...
PIMCO Perspectives: What's Pushing Long-Term Bond Yields Higher?
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 a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a fo...
The Credit Market Lens: Narrowing the Visibility Gap in Defaults
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 responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for...
Counterintuitive Labor Market Shifts Constrain Measured U.S. Wage Gains
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other secu...
The Credit Market Lens: What BDC Markets Are Signaling About Private Credit Valuations
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 all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to b...
As Older Workers Retire, Labor Costs Ease
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. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a reco...
The Credit Market Lens: The AI Split Between U.S. Dollar and Euro Investment Grade
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 sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research...
Underlying Inflation Gauges: Trimming Noise or Trimming Signal?
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 information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any...
The Credit Market Lens: Still Buying America
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 information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other...
The Fed Holds Steady, But Questions Linger
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMC...
Geography, Geopolitics, and Gamesmanship Leave Little Room for Error in Energy Markets
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. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific...
The Credit Market Lens: The Return of Financial Engineering – Not 2008, But Not Nothing
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 podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or...
When Monetary Policy Surprises Stop Translating
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 provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice o...
The Credit Market Lens: Rich Spreads, Cheap Treasuries, and an Incomplete Explanation
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 podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as...
PIMCO Perspectives: Old-Fashioned Bond Math for a New-Fashioned Fed
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 the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a...
Real Estate: From Repricing to Relevance
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 sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or...
Fed Policymaker Comments Raise the Stakes for Inflation Data
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 included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO...
The Credit Market Lens: A Higher Bar for Earnings Season
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 a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast...
The Credit Market Lens: A Growing Divide in Leveraged Finance
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 podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or...
Does AI Raise or Lower Neutral Rates?
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 responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a...
The Credit Market Lens: What BDC Redemptions and NAV Pressures Mean for Investors
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 podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment...
Will Greater Monetary Policy Uncertainty Lead to Tighter Financial Conditions?
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product...
Global Bond Diversification: Higher Yields and New Opportunities for Alpha.
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 provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as...
The Credit Market Lens: Sharpe Is Back in Emerging Markets
In this episode, we discuss why emerging market bonds are delivering the best risk-adjusted returns in fixed income, and what it means for multi-asset portfolios in 2026.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation...
Hawkish-Leaning Committee, Reform-Minded Chair: Warsh’s First Fed Meeting
In this episode, we discuss the Fed holding rates while signaling a more hawkish outlook and possible policy changes under Chair Warsh.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or o...
How Large Is Private Credit’s Total Addressable Market, Really?
In this episode, we discuss A rigorous framework anchored in asset-based finance helps define the actual scale and scope of the opportunity.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or...
Rupture and Resilience
In this episode, we discuss how a global economic outlook for fractured alliances, fiscal strain, and massive-scale AI investment could drive divergent possibilities – and reward diversified, high quality fixed income and credit strategies.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a...
Energy Credit Market Returns Reflect Sector Discipline
In this episode, we discuss how behind the recent rally in energy credit lies a multi-year story of management discipline, restrained capital spending, and sector consolidation.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for...
The Quiet Erosion Beneath U.S. Growth
In this episode, we discuss how weakening real incomes, low savings, and rising uncertainty could quietly undermine U.S. consumption and economic resilience despite strong headline growth.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation...
AI Financing Needs Do Not Override Cyclical Drivers of Yield
In this episode, we discussed how structural pressures from the AI buildout are real, but they are growing slowly, not driving the yield moves investors are watching right now.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or...
Supply Shocks and AI-Related Demand Blur Inflation Signals for the Fed
In this episode, we discuss how overlapping supply shocks and AI-driven demand are clouding inflation signals, complicating Fed policy and widening uncertainty around future rate decisions.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for...
Measuring What Matters in Public and Private Fixed Income
In this episode, we discussed that with spreads tight and dispersion rising, the tools investors use to judge performance matter more than ever.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO...
AI Credit Expansion: Assessing the Micro and Macro Risks
In this episode, we discuss today’s AI financing wave looks more disciplined than past infrastructure investment booms, yet it still demands selectivity.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or...
AI, Market Power, and Diminishing Labor Share
Welcome to PIMCO Pod. In this episode, We discuss how rising AI adoption is likely contributing to near-term inflation but may ultimately reduce the labor share of income and lead to longer-term disinflationary pressures.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a...
What Would The Merton Model Say About AI Capital Spending?
In this episode, we discuss how AI-driven capex is widening the gap between opportunity in equities and risk in credit.
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 herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security...
