PIMCO Accrued Interest

After a blue wave swept the 2026 midterms, PIMCO Head of Public Policy Libby Cantrill checks in on what drove the results and what comes next. She explains why the swing to the left was part protest vote and part gravity finally taking hold, as affordability concerns brought the realities of a two-speed economy to the ballot box. It was a historic victory for Democratics, but one that carries risk for the party if they overplay their hand. Tune in to hear how the new political landscape could shape fiscal policy, debt and spending levels, the AI buildout, and your clients’ portfolios. Show notes: (1:06) Unpacking the Midterm Elections  (7:47) How Affordability May Have Swung the Results  (12:35) The Outlook for U.S. Policy  (27:32) Is the Fiscal Deficit Sustainable?  (33:23) Where Does AI and Data Centers Go from Here?  (37:56) Will New Governors Impact the AI Buildout?   For more information on the post-midterm outlook, read Libby's latest:  With Echoes of 1974, a Decisive Victory for the Democratic Party  And sign up for Washington Watch to stay informed about what the latest moves in Washington could mean for you and your clients.  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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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 to take.  Together, they look beneath the surface of the major indices matters more than ever, how AI-related concentration is influencing both stocks and bonds, and where opportunities may exist for investors who can navigate around these market distortions. Rather than making broad, short-term bets, they examine the value of focusing on fundamentals, diversifying sources of return, and building portfolios that reflect intentional risk-taking rather than unintended exposure.   Show notes: (5:35) Testing the Bull Market AI Hypothesis  (13:08) Financing the AI Timeline  (18:59) What Market Concentration Means for Advisors  (23:47) The Role of Active Management in Equities  (27:28) Accounting for the AI CapEx Boom  (31:13) Restoring Balance in Portfolios  (41:44) Resilience in the Face of Rate Volatility  If you enjoyed the episode, check out our other related resources:  Growth Holds, Risks Widen (Article or Webcast)  “Many Ways to Win”: Dan Ivascyn on Making the Most of Rate Volatility (Apple or Spotify)  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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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, that adds up to many ways to win. Show notes: (2:56) What’s behind today’s rate volatility  (7:23) Why starting yields change the bond equation  (12:01) Why today’s bond market is different from 2022  (16:33) Putting bond and equity volatility in perspective  (24:31) Where fixed income fits in an era of AI and innovation  (28:49) Inside PIMCO’s approach to duration  If you enjoyed the episode and want to learn more, check out related resources:  [Cyclical Outlook]  Growth Holds, Risk Widen [Podcast] What's Pushing Long-Term Bond Yields Higher? Apple ( or )  Spotify 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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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."  Show notes:  [4:38] Life Lessons That Led David to Edward Jones  [10:02] How the Edward Jones Model Came to Be  [18:14] The Growing Need for Human Advice  [27:00] Celebrating a Special Event for Edward Jones  [30:37] The Next 100 Years for Edward Jones and Financial Advisors  [34:13] How Financial Advisors Can Keep Evolving  [39:12] Growth While Staying True to Edward Jones’ Values  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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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:  The behavioral finance biases that hide in plain sight and how they can quietly shape investment decisions   How advisors can act as financial therapists, keeping clients level-headed when emotions run high   What AI really means for advice, both personal and financial, and why those AI compliments aren’t always so nice  Show notes:  [4:01] Intro to Behavioral Finance  [13:10] Common Decision-Making Biases  [20:20] Tools for Avoiding Behavioral Traps  [24:45] Using Behavioral Finance in Advisor Conversations  [34:01] How Sources of Information Influence Behavior  [46:36] Is AI Good or Bad for Decision Making?  [51:27] How are Advisors using AI?  If you enjoyed the episode, check out more PIMCO resources about behavioral finance:  The Behavioral Science Edge  Recognizing your Behavioral Biases  Nudging Yourself to Better Investment 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 any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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 Hole  If you enjoyed episode, read the piece behind today's conversation: What’s Pushing Long-Term Bond Yields Higher? 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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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. Why different parts of the yield curve look attractive in different markets, and how active management can isolate duration by country and by tenor Why fixed income can serve as both a diversifier to offset volatility and a source of alpha What AI dominance in the U.S. and China, German defense spending, and other country-specific shifts mean for global bonds Show notes:  [9:59] The thesis of Rupture and Resilience  [15:43] Politics driving economics in Japan, the U.K., and Europe  [30:47] The AI supercycle in Europe vs. the U.S.  [36:13] The investment implications of rearming Europe  [40:51] Europe and the global energy complex  [43:42] Making the case for global fixed income  If you enjoyed the episode, check out more of our resources on global fixed income:  Podcast: Old-Fashioned Bond Math for a New-Fashioned Fed (Apple or  Spotify) Read: Rupture and Resilience  Watch: Why Global Bonds Matter 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 a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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 the past decade vs investing now [16:20] What to expect from a Warsh-led Fed [21:40] If nothing changed at the Fed [25:56] Synergies with fixed income​‌ If you enjoyed episode, read the piece behind today's conversation: ·         Old-Fashioned Bond Math for a New-Fashioned Fed And check out other related sources about the opportunity in fixed income: ·         Read: Global Bond Diversification: Higher Yields and New Opportunities for Alpha ·         Listen: Lotfi Karoui on Private Credit and the AI CapEx Supercycle (Apple or Spotify) 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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to https://www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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 emerging markets. Show notes: (2:24) The State of Direct Lending (9:24) Will Transparency or Liquidity Help (20:49) The Default Cycle in Credit has Begun (25:05) Return of the Financial Engineers (28:53) Financing the AI Super Cycle (40:33) What’s Compelling in Credit Markets (44:21) Revisiting the 60/40 Portfolio If you want to go deeper, check out a few of Lotfi’s articles mentioned in the episode: • The Credit Market Lens: Sharpe Is Back in Emerging Markets • Daily Pricing Is Not Daily Liquidity Sign up for The Credit Market Lens, a weekly newsletter Lotfi publishes on LinkedIn and PIMCO.com 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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

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 why commodities deserve a close look from advisors. Show notes: (0:52) The beginning of the end of this phase (7:04) Measuring what’s happened to global energy supply (9:28) Left tail vs base case vs right tail (11:03) The new face of the global energy complex (18:42) Commodities and three CapEx cycles (27:37) Will energy prices impact the economic outlook? (31:31) A look back at gold and look forward (34:41) Commodities’ role in portfolio construction 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 or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures