PIMCO Accrued Interest

AI has become one of the dominant forces shaping both equity and bond indices, creating concentrations and distortions that many investors may not fully appreciate. Host Greg Hall sits down with Charles Schwab Chief Investment Strategist Liz Ann Sonders to explore how the AI trade has permeated portfolios, often in ways that extend far beyond a handful of technology stocks. As index performance becomes increasingly driven by a small group of companies, investors face a critical challenge: understanding how much AI exposure they already own, where the hidden risks reside, and whether those are the risks they actually want...

With rising rates dominating the headlines, advisors are understandably concerned.  PIMCO Group CIO Dan Ivascyn says the story isn’t the volatility — it’s the high starting yields. At near 25-year highs, those yields can potentially deliver long-term returns in multiple scenarios, from an economic slowdown to the most optimistic AI adoption scenarios. Dan explains how to make the most of today’s starting yields, and why doing so takes patience and a disciplined process, grounded in high-quality fixed income, a globally diversified approach, and in using sensible duration to lock in high yields for years to come. For advisors, tha...

What separates great advisors today? According to David Chubak, Head of Wealth Management and Field Management at Edward Jones, it's the same qualities that have always mattered: trust, relationships, and a deep understanding of clients. David joins Greg Hall to explain why, even in the age of AI and endless information, human connection remains at the heart of great advice. Drawing on his own experience working with advisors, lessons from behavioral finance, and the values instilled by his grandparents, David shares a framework for building strong client relationships as we enter the "Golden Age of Advice." 

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Even the most experienced investors can fall prey to one of the 150+ behavioral biases researchers have documented. But Dr. Anastasia Buyalskaya, a behavioral finance advisor to PIMCO, and Devin Ekeberg, PIMCO senior consultant in advisor education, believe the goal isn’t to rationalize them away; it’s to build frameworks that keep biased thinking from driving decision making.  

Together with Greg Hall, they discuss: 

A confluence of rising sovereign debt, surging AI-related corporate bond issuance, and inflation concerns has lifted 30-year yields in the U.S. and elsewhere to two-decade highs.  On the heels of their very popular July episode – Old-Fashioned Bond Math for a New-Fashioned Fed – Marc Seidner and Pramol Dhawan join host Greg Hall to discuss.

Show notes: 

(3:37) Rising rates are a global term-premium story 

(4:46) Treasury's response 

(7:15) What actually drove the move higher in rates

(11:56) AI issuance and "indigestion" 

(14:49) The 30-year is not the 10-year 

(19:07) Mixed data and Jackson...

Global cycles have fallen out of sync, and the gaps between markets are widening. PIMCO CIO of Global Fixed Income Andrew Balls says that's the exact type of environment where global active management matters most.

Show notes: ...

Under a Warsh-led Fed, with less explicit guidance and less implicit backstop, Marc Seidner and Pramol Dhawan tell host Greg Hall that bond math starts to matter again. Listen as they explore:

·         The “Warsh Dividend” and what it could mean for investors?

·         Why diversification still matters in a market increasingly dominated by a handful of mega-cap stocks.

·         Exorcising the ghost of 2022 – How duration and higher yields are working in bond investors' favor again.

Show notes

[1:26] The Thesis of "Old-Fashioned Bond Math for New-Fashioned Fed"

[8:16] Investing over...

From the pages of The Credit Market Lens to the Accrued Interest microphone, Lotfi Karoui joins host Greg Hall to explore why the focus on direct lending may be overshadowing the structural themes important to the future of credit markets. Together, they discuss the cyclical pressures weighing on business development companies and why liquidity alone may not resolve today’s challenges. Looking ahead, they explain why the AI CapEx super cycle, global energy reshoring, and renewed defense spending may test the market’s ability to absorb issuance. For advisors, these dynamics highlight the potential value of diversification in bonds and...

We didn't rename the podcast… we're just drilling into commodities this episode, and for good reason. Few asset classes sit at the center of so many disruptive forces right now. The global energy complex is contending with both the near-term shock of the Iran conflict and the long-term push for energy security. The AI infrastructure buildout is devouring power and raw materials, and reshoring and renewed defense spending are adding to demand pressures. Greg Sharenow, who leads PIMCO's commodity portfolio management group, joins Greg Hall to explain how these dynamics will test the balance between rising demand and disrupted supply – and w...

Fresh off publishing PIMCO’s Secular Outlook, “Rupture and Resilience,” Group CIO Dan Ivascyn joins Greg Hall to discuss the structural forces likely to shape markets over the next five years.
From the pervasive role of AI in both equity and debt markets, to a macroeconomy increasingly driven by geopolitics, financial advisors face a new reality: long-term returns rely on preparing for the unexpected. True resilience requires a globally diversified approach both to generate returns and absorb macro shocks. Dan and Greg analyze these dynamics against today's core uncertainties: the Iran conflict, U.S. fiscal sustainability, and the capex...

Commercial real estate is one of the few asset classes that went through a relatively recent recession and still offers attractive valuations, whether through lending or owning.
Seray Incoglu, Global Head of Asset Management for PIMCO Real Estate Credit, and Matt Tuten, who leads the commercial mortgage-backed securities team, join Greg Hall to assess where the market stands: resilience in multifamily and industrial, continued dislocation in office, and the unresolved question of how AI reshapes demand.
The conversation examines how the current cost basis, durable cash flows, and creditor rights differentiate CRE debt from corporate lending—particularly pr...

In a world shaped by big headlines, Richard Clarida and Libby Cantrill give advisors a grounded view of what really matters in Washington, the economy, and the markets. Together with host Greg Hall, they explore the next chapter for the Federal Reserve under Kevin Warsh, the fluidity of the conflict in the Middle East, and the political ripple effects of AI, inflation, and tariffs.

About the Speakers  Dr. Richard Clarida is a former Vice Chairman of the Federal Reserve and current Global Economic Advisor at PIMCO  Libby Cantrill is a Managing Director and Head of Public Policy for...

When geopolitics shift from isolated economic events to consistent economic inputs, advisors need a new playbook – one built on durability and flexibility.

CIO of Non Traditional Strategies Marc Seidner and Head of Emerging Markets Pramol Dhawan join Greg Hall to share:
· How geopolitical uncertainty is pushing markets to price wide-ranging outcomes
· Why we may get the “stag” without the “flation”
· How bonds are outyielding some high-flying AI stocks All this adds up to an environment where active management is well suited for the moment.

Show notes:
(4:42) The thesis of “When Geopolitic...

Private credit is much more than a direct lending story. It’s an asset-based finance one, too. And this other lane of private credit continues to be a solid source of diversification and returns. Benjamin Ensminger-Law and Jason Steiner  join Greg Hall to walk through this evolving opportunity in private credit, starting with why cash flow velocity and structural diversity set asset-based financing apart from direct lending. From there, they lay out the four pillars of generating alpha in an asset class still in its early innings Show notes: (3:58) The state of asset-based finance (10:09) How the opportunity has evolved (20:57) Whe...

PIMCO’s Head of Municipal Bonds Dave Hammer wants taxable investors to pay attention to muni market opportunities in today’s market. With rates at attractive levels, continuing strong credit quality, and seasonal factors affecting bond prices, he is excited about what’s ahead for investors. He discusses the broadening menu of municipal investing, which includes more and more privately-arranged debt in bespoke situations, as well as how thorough credit research and patient sector allocation drive results over the long term. In a world characterized by macro and geopolitical volatility, the muni markets offer a more local solution for invest...

Ted Seides — the founder and voice of Capital Allocators — joined Greg Hall on Accrued Interest to “zoom out” from the headlines and talk about larger trends and dynamic shifts he thinks will influence investing for the next decade. The conversation had no script, ranging from equity index composition, to structural changes in private equity, to the ongoing tribulations of the direct lending market. It’s a great chat with a fascinating market observer, and a good opportunity to step away from the newsfeed and think big picture.

Show notes: [1:50] From the Yale Endowment to Capital Allocators [10:10] What Makes Grea...

In the midst of ongoing geopolitical uncertainty, we take a moment to turn our minds to a topic that affects us all and waits for nobody: taxes. To prepare you for 2026 and beyond, Devin Ekberg joins Greg Hall to discuss tax changes from the One Big Beautiful Bill Act and potential pitfalls to avoid. Between deep dives on SALT deduction phaseouts and the potential stackable tax benefits of muni and real estate investments, Devin finds a way to compare tax planning to Van Halen and Brown M&Ms.

Show notes:

(4:43) Tax changes from theOne Big...

Lately, private credit has attracted its share of grim headlines, but as Lotfi Karoui — PIMCO Managing Director, Multi Asset Credit Strategist and Co Head of Client Solutions and Analytics — points out, many recent developments in the space should be seen as expected features of a cyclical credit market.

In his debut appearance on Accrued Interest, Lotfi and host Greg Hall dig into the private credit story: from direct lending’s emergence after the Great Financial Crisis, to its explosive growth post-COVID, and what we can expect in the future as investor expectations realign to actual opportunities and risks...

What began as an uncertain year has only grown more unpredictable, with conflict in the Middle East and stress across credit rattling the broader markets. Christian Stracke, PIMCO’s President and Head of APAC and EMEA, joins Accrued Interest to lay out a framework for investing when uncertainty and volatility are features, not the exception. Together, he and host Greg Hall get into the ripple effects that the latest geopolitical shocks could have on oil prices, inflation and global markets—and why there’s “a crisis of confidence” in some, not all, parts of private credit.

Shownotes:
(4:27...

Stability, calm, and order are giving way to fragmentation, volatility, and surprise. In his most recent PIMCO Perspectives, co‑authored with Marc Seidner, Pramol Dhawan says that this shift makes 2026 a year when investors should “expect the unexpected.” He joins host Greg Hall to explore how this new world order is reshaping markets — from the opportunities volatility can unlock in global fixed income to the evolving rebalancing between stocks and bonds. They even get into why the world is tilting toward mercantilism, though thankfully, not in a way that forces you to dust off your economics textbooks.

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After a standout year for fixed income, Mohit Mittal, PIMCO’s CIO of Core Strategies, says he still sees plenty of opportunities in 2026, but only for those willing to look. He joins Greg Hall on the latest episode of Accrued Interest to unpack why active is the only responsible way to approach fixed-income markets. And between the deep dives into core bonds and credit markets, Mohit shares his framework for collaborating with the team, which, in Greg’s case, involved a home-cooked meal.
Show notes: (0:00) Intro

(2:16) Mohit’s 20-year Journey at PIMCO

(9:27) The Active Advant...

Everything’s on the table when PIMCO's Group CIO Dan Ivascyn and host Greg Hall get together, and the latest episode of Accrued Interest is no exception. They cover familiar territory — like the compelling and durable opportunities in bonds — and then branch out into the Fed’s likely next move, a deeper discussion on credit markets, how home bias can ground a portfolio, and even a ski trip without much snow.

Show notes:

(01:23) From optimistic growth to a k-shaped economy

(09:51) Reading the Fed tea leaves

(15:43) Looking backwards and forwards at the market<...

In our last episode of 2025, here are 5 big themes we think will be critical to investment decisions in 2026.  Join Greg Hall and Marc Seidner for a discussion about stocks, credit, commodities, and munis, and of course it wouldn’t be Accrued Interest without a fair bit of fixed income!  Ugly Christmas sweaters optional… SHOW NOTES

(2:56) With valuations stretched, what’s attractive in equities for 2026?

(13:43) Is it time to replace cash with bonds?

(23:41) What’s next for Bitcoin, Gold, and other commodities?

(30:24) Risks, realities, and opportunities in credit markets

(49:08) Why munis conti...

Credit markets are making headlines, but what’s really driving the story? Host Greg Hall welcomes Portfolio Manager Jason Duko to break down the latest developments across the continuum of public credit, private credit, and everything in between.  Have a listen, and take away a framework for evaluating today’s key questions: what is the value of liquidity in a portfolio, can private markets keep up with a changing environment, and do historical rules of thumb still apply?

SHOW NOTES:

Investing in the current cycle is less mainstream pop and more "math rock" — complex, analytical, and constantly shifting. Cameron Dawson, CIO of NewEdge Wealth, joins Greg Hall to decode the intricate rhythms of today’s markets. Cameron walks us through her thoughts on the death of data, why leading indicators are no longer leading, and how to structure portfolios for clients, all while keeping a pulse on the cultural references that make the conversation sing.

SHOW NOTES:

• Introducing Cameron Dawson, our first-ever outside guest.

• A eulogy to market data as we know it.

• ...

Gold continues to command investor attention. PIMCO’s Head of Commodities and Real Assets, Greg Sharenow, and Account Manager Brady Morrison join host Greg Hall to break down the rally, explore shifting dynamics in the broader commodities market, and examine how AI is reshaping energy demand. Tune in for expert insights and timely portfolio perspectives.

Show notes:

Economist Tiffany Wilding rejoins the podcast to discuss PIMCO’s latest Cyclical Outlook, alongside host Greg Hall and Account Manager Brandon Kunz. Tune in to learn more about how clashing forces are widening the gap between winners and losers and discover the exciting opportunities the team envisions for the future.

Show notes: 1. Overview of PIMCO’s Cyclical Outlook. 2. Rules of Thumb and ‘Pay Backs.’ 3. A technological investment boom – effects on employment trends, CAPEX, and more.
4. PIMCO vs. The Street – how do our views stack up? 
5. The Agg is finally outyielding cash – is this a tipping point for advis...

Host Greg Hall sits down with former Federal Reserve Vice Chairman and PIMCO Global Economic Advisor Dr. Richard Clarida to discuss the events leading to the Fed’s much-anticipated decision.  In this episode we take you behind this week’s 25 bps cut, sharing an insider’s perspective on how the Fed parsed rapidly-evolving economic signals in trade, labor markets, and inflation – and where the data may point us next.

Show notes:

ETFs are no longer an “if” but a “yes, how?” for many advisors – and as the ETF market continues to grow in size and sophistication, active bond ETFs have emerged as a compelling tool for advisors. Join host Greg Hall as he sits down with Head of ETF Sales, U.S. Global Wealth Management Adam Browne and Account Manager Todd Mangis to chart the growth of active bond ETFs in the US markets, the efficiencies they unlock for advisors, and how they are changing the fundamental dynamic of fixed income.

Show Notes:

In this extra credit episode, PIMCO’s Marc Seidner and Pramol Dhawan sit with host Greg Hall for their Q3 PIMCO Perspectives discussion. They unpack the current market environment shaped by tariffs, a weaker US dollar, and fiscal challenges while spotlighting the value of global diversification and intermediate-duration bonds. Tune in for practical knowledge to help advisors build resilient portfolios and steer through market swings for their clients in the second half of 2025.

Part 1. Introduction

Part 2. The Global vs. U.S. Opportunity Set Today

Part 3. The Future of the Fed

Part 4. As...

Join PIMCO's Russ Gannaway, Seray Incoglu and Gino Gabbianelli, alongside host Greg Hall, as they walk through the recent evolution of commercial real estate and where they see opportunity today. From sector selection to the balance of public and private strategies, they explore how advisors can help clients access durable income and long-term value amid ongoing economic uncertainty.

Part 1 – Introductions
Part 2 – The Story of CRE, Post-GFC to Mid-2010s
Part 3 – The Story of CRE, Mid-2010s through COVID
Part 4 – The Story of CRE Today
Part 5 – Is it a Good Time to Lend?
Part 6 – A...

The “Fragmentation Era” is here (see our recent Secular Outlook piece), as trade barriers, geopolitics, and domestic fiscal dynamics lead global markets down increasingly divergent paths. Here to help us cut through the noise and find the signal, once again, is Dan Ivascyn, PIMCO’s Group CIO. Dan joined us at the start of the year, and we were thrilled to check in with him as we approach the midpoint of 2025. He provides a rundown of what’s changed—and what hasn’t—over the tumultuous intervening months, and shares his insights on where the economy, markets, and investment opportunities...

From residential credit and consumer lending, to aviation finance, equipment leasing, and music royalties, Asset-Based Finance ("ABF") covers a wide range of lending specialties. Investments in these areas can offer attractive income backed by hard assets, and help to diversify portfolios away from more crowded areas of the private credit landscape. Join PIMCO experts Kris Kraus and Christian Clayton, alongside host Greg Hall, to trace the development of private credit since the Global Financial Crisis and to learn how new frontiers in the space open up new possibilities for advisors and their clients.

Asset-based finance (ABF), with...

Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets. In this episode with the authors of PIMCO Perspectives on Trade Wars and the U.S. Dollar, we break down what these shifts mean for financial advisors and their portfolios, exploring the implications of evolving U.S. policies on client strategies.

KEY TOPICS & CHAPTER MARKERS

Read the new PIMCO Perspectives piece, Trade Wars and the U.S. Dollar, fo...

Recorded on 10 April 2025

Join David Hammer, Head of Municipal Bond Management, and Account Manager Antonese Robertson as they discuss the recent action-packed week for municipal investors. Despite speculation, they share their bullish outlook on the asset class and its tax-exempt status.

Part 1: 00:11:57 - Current Environment

Part 2: 00:15:30 - Credit Quality, Policy implications & Taxes

Part 3: 00:30:45 - Seeking Opportunity Amid Volatility

Part 4: 00:38:00 - Outlook on Municipal Bonds

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for...

Stay updated with the latest insights from PIMCO’s Group CIO Dan Ivascyn, as he discusses the value of high-quality fixed income and navigating risks amid the current market turbulence

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 ad...

With recent tariff announcements and the resulting market movements, maintaining a clear mindset can be incredibly difficult – yet it is crucial now more than ever. Join host Greg Hall with Libby Cantrill, head of U.S. Public Policy, and economist, Tiffany Wilding as they share insights on tariffs, future Fed policy and more.

Part 1:

Time stamp 00:21:55: {Tiffany speaking}

U.S. growth in jeopardy

Part 2:

Time stamp 00:26:00: {Libby speaking}

Are tariffs here to stay?

Part 3:

Given the uncertain outlook for risk assets and the economy, saving has effectively become “investing” for many. Now, more than ever, it’s important to be intentional in how you allocate cash. By tiering liquidity, advisors and their clients can seek to balance short-duration allocations across different timelines and needs - and make cash work harder in their portfolios.   

In this episode, Jerome Schneider, PIMCO’s Head of Short-Term Strategies, and Chad Van Dyk, Account Manager, sit down with host Greg Hall, Head of U.S. Global Wealth Management, to discuss all things short term and the right tail...

An extra credit exclusive with the authors of PIMCO Perspectives on Where to Look When Equities Are Priced for Exceptionalism. Lofty U.S. stock valuations call for a renewed focus on risk assessment and portfolio diversification. We breakdown what this means for financial advisors and their portfolios.

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...

Dr. Richard Clarida, who served as vice chair of the Federal Reserve during President Trump’s first term, gained firsthand insight into trade, tariffs and geopolitical tensions. Now a global economic advisor at PIMCO, he joins host Greg Hall and account manager Cory McNamara to discuss what's ahead for the Fed and how advisors can manage portfolios in uncertain times.

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...