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.
The Credit Market Lens: The Other Side of Higher Yields
In this episode, we discuss how Higher yields have improved bonds’ income and diversification potential, but the same reset is testing weaker borrowers, leveraged AI financing, and rate-sensitive real estate.
This episode uses an AI generated voice. 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 con...
October Fed Meeting Preview: A Pause Is Still a Recalibration
In this episode, we discuss why the Fed will likely hold rates in October and how AI complicates its next move.
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 othe...
The Credit Market Lens: Improved Optics But Unchanged Economics in Software Loans
In this episode, we discuss how After years of abundant capital and intense competition that produced increasingly borrower-friendly terms, the tide may be shifting.
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 spec...
The AI Investment Boom Goes Beyond America
In this episode, we discuss how the global AI investment boom is supporting growth while creating new risks if momentum slows.
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 othe...
The Credit Market Lens: Green Shoots and Legacy Risks in Direct Lending
In this episode, we discuss how After years of abundant capital and intense competition that produced increasingly borrower-friendly terms, the tide may be shifting.
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 spec...
Growth Holds, Risks Widen
In this episode, we discuss Powerful long-term shifts in geopolitics and technology are shaping the near-term economic and investment outlook, creating resilience in the baseline scenario and wider risks around it.
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, inve...
The Credit Market Lens: An Oil Shock (Mostly) Like No Other
In this episode, we discuss how This year’s energy price shock isn’t exactly following the historical playbook, with markets and economies absorbing much of the impact – though clear risks remain.
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...
Monetary Policy Through the Lens of Financial Conditions
In this episode, we discuss how financial conditions are shaping Federal Reserve policy and the outlook for interest rates.
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, stra...
The U.S. Housing Market Becomes a More Local Story
In this episode, In our U.S. housing market monitor, we discuss how elevated mortgage rates, shifting affordability, and widening regional divergence are reshaping the market and the investment landscape.
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 advi...
The Credit Market Lens: Hyperscalers Are Repricing, Not Displacing (So Far)
In this episode, we discuss how Despite a sharp rise in AI-related borrowing, signs of broad corporate credit market disruption remain limited.
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...
A Recalibration, Not a Rate-Hike Cycle
In this episode, we discuss why the Fed is placing greater emphasis on financial conditions than the neutral interest rate (r), and what that means for the outlook for U.S. monetary policy and rate hikes.
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 cons...
The Credit Market Lens: AI Capex and the Limits of Crowding Out
In this episode, we discuss AI capital spending may be contributing to higher real rates, but there is little evidence that it’s due to AI bond issuance crowding out Treasuries.
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, invest...
September Fed Hike May Be More Than a Risk Management Exercise
In this episode, we discuss why the Fed’s September rate hike may signal a firmer push to bring inflation back to its 2% target.
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 specif...
The Credit Market Lens: One AI Trade for Now, Many Trades Later
In this episode, we discuss how For equity investors, the question is relatively simple: Who wins the AI race? For credit investors, it is more nuanced: Do spreads adequately compensate for the broad set of risks embedded in financing the buildout?
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...
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...
