PIMCO Fixing Your Interest

John Studzinski, PIMCO Vice Chairman, speaks with Libby Cantrill, PIMCO’s head of public policy, to get the view from Washington on the big topics of the moment.
Together they explore what might come next in the Iran conflict, as well as its implications for the midterm elections and the US relationship with China.
They also look at what lies ahead for the Federal Reserve and its chair-in-waiting Kevin Warsh.
From this episode:
In this episode, Libby Cantrill, Head of Public Policy at PIMCO, joins PIMCO Vice Chairman John Studzinski to explore the growing overlap between geopolitics, US domestic politics and financial markets.
They discuss how the conflict with Iran is reshaping energy markets and supply chains, why elevated oil prices matter for voters as the US midterm elections approach, and how geopolitical shocks can translate into both inflation and growth risks. The conversation also examines what these dynamics mean for monetary policy, including the role of the Fed, the outlook for rate cuts, and how a new Fed chair should be interpreted by markets.
Key topics include:
• Why geopolitics is once again a major driver of market volatility
• The energy shock from Iran and the implications for global supply chains
• How gas prices feed into US domestic politics ahead of the midterms
• What investors should understand about the Fed, its voting structure and leadership transition
• The balance between inflation risks and downside risks to growth
• How US-China relations are evolving amid a more distracted global environment
Listen in for a discussion of why politics and markets are now deeply intertwined, and why geopolitical volatility may be here to stay as a persistent feature of 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 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

Public and private credit markets are evolving fast, reshaping how investors think about risk, return and liquidity. In this episode of Fixing Your Interest, we explore what’s driving today’s credit landscape, where valuations stand, and how investors can navigate growing dispersion across markets.
From This Episode
In this episode, Lotfi Karoui, Multi Asset Credit Strategist and Co Head of Client Solutions and Analytics at PIMCO, joins Philipp Nowak, Credit Strategist, to unpack the changing dynamics across public and private credit markets.
They discuss how starting yield continues to be a powerful anchor for forward returns, why credit valuations look rich by historical standards, and what today’s elevated yield levels mean for potential returns. The conversation also dives into corporate credit fundamentals, highlighting differences between public markets and areas of stress emerging in parts of private credit.
Key topics include:
• Why yield remains a crucial buffer in today’s credit markets
• The relative appeal of credit vs. equities from a valuation perspective
• Where investors are truly compensated for liquidity - and where they aren’t
• Structural challenges facing private credit and direct lending
• How AI is reshaping credit fundamentals
• Why selectivity and active management matter more than ever
Listen in for a clear framework on how to think about public and private credit in the current environment, which is both more fragmented yet opportunity rich.
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

Today’s episode takes you inside bond markets at a moment of heightened geopolitical uncertainty and shifting macro dynamics.

Andrew Balls, CIO of Global Fixed Income, and Christian Stracke, PIMCO President, explore how the current Middle East turbulence is shaping inflation pressures, interest rate expectations and market volatility across developed and emerging economies.

They will unpack what’s been driving the recent moves in rates, how central banks may respond, what this environment means for building portfolios, and where active fixed income investors might find opportunities amid the uncertainty.

1. Geopolitics has driven outsized market moves that don’t align with fundamentals

2. Central banks are likely to remain cautious and avoid knee-jerk reactions.

3. In portfolios, careful liquidity management is key, while being on lookout for selective, high-quality opportunities.

4. Existing credit risks and vulnerabilities may be amplified by the economic fallout from recent events, but opportunities will also appear.

5. It’s important to have an active approach, focusing on quality and diversification across developed and emerging markets.

Discover how PIMCO is navigating the current 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 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

From gold’s surge to oil’s evolving dynamics, commodities are once again commanding investors’ attention. In this episode of Fixing Your Interest, we break down what’s driving the asset class and where the biggest opportunities and risks now lie.

Greg Sharenow, Head of Commodities at PIMCO sits down with Ryan Blute, head of PIMCO’s global wealth management business in EMEA, to dig into the commodities complex.

• The role commodities can play in a diversified portfolio
• What’s behind the rally in gold - and why silver is a poor substitute
• Key macro drivers shaping commodities over the coming years
• How to think about the fair value of oil
• Why copper may be one of the most compelling multi year opportunities

Discover how PIMCO is navigating the shifting commodities landscape and where the next big moves might emerge.

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

In this episode, two global economic heavyweights unpack Europe’s future amid rising protectionism and shifting power dynamics. The Right Honourable Gordon Brown—Chair of PIMCO’s Global Advisory Board and former UK Prime Minister—joins Andrew Balls, PIMCO’s CIO for Global Fixed Income, to explore:

How politics is reshaping economics

Opportunities for growth through lower rates, fiscal boosts, and trade negotiations

From tariffs and tech to defence and innovation, how Europe is adapting to a more fragmented world.

Tune in for insights on security, innovation, and investing in a changing Europe—straight from leaders shaping global policy and markets.

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