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PIMCO Accrued Interest: Daily Summaries Delivered
by PIMCO
Welcome to Accrued Interest, PIMCO’s podcast for Financial Advisors. Join Greg Hall, Head of U.S. Global Wealth Management, as he dives into timely themes with special guests that will help shape your client conversations and investment ideas.
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- 2 weeks ago45 min
Money and Politics: Richard Clarida and Libby Cantrill on the New Fed Chair, Iran Conflict, and the ‘Stag vs the Flation’
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 PIMCO Greg Hall is the host of Accrued Interest, a Managing Director, and the Head of U.S. Global Wealth Management for PIMCO What to expect from a Warsh-led Fed The fluid nature of the conflict in the Middle East The political ripple effect of inflation How do the midterms shape the rest of 2026? Fiscal credibility and the bond market Is stagflation really in play? Where do things stand with tariffs? The state of AI optimism If you enjoyed the episode, check out our related resources below: A New Fed Chair, a New Tone – But Familiar Anchors by Richard Clarida Podcast: When Geopolitics Becomes an Economic Input (Apple or Spotify) Subscribe to Libby Cantrill's newsletter, Washington Watch. 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
- 3 weeks ago37 min
PIMCO Perspectives: When Geopolitics Becomes an Economic Input
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: The thesis of “When Geopolitics Becomes an Economic Input” How geopolitical risks may impact the market Why today is different than 2022 Goldilocks or recession? What’s next for the economy Bonds outyielding high-flying AI stocks Why active management, why now Protecting your portfolio for this moment If you enjoyed the episode, check out some related resources below:When Geopolitics Becomes an Economic InputThree Cyclical Forces Shaping 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
- May 1, 202650 min
The Four Pillars of Alpha in Asset-Based Finance
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: The state of asset-based finance How the opportunity has evolved Where the consumer meets asset-based finance Deploying capital in such a big space Four pillars of alpha in asset-based finance What we used to do that we don’t anymore What sets asset-based finance apart The illiquidity premium: public vs private markets If you enjoyed the episode, check out our other asset-based finance resources: Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui • Apple • Spotify Asset-Based Finance: New Frontiers in Private Credit • Apple • Spotify [DISCLOSURES] 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.
- Apr 21, 202648 min
Municipal Bond Reset: Volatility, Selectivity and the Active Advantage
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 investors looking to compound on a tax-efficient basis.” Show notes: How recent events have impacted the muni market Why today is a good entry point Which sectors have become more or less attractive The divergence in outcomes between different projects Bank retrenchment and the muni market How the team stays ahead Where AI meets the muni market Check out our related episodes: Apple: Practice Makes Perfect: Unlocking Tax Alpha in 2026 Spotify Practice Makes Perfect: Unlocking Tax Alpha in 2026 The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation 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.
- Apr 14, 202657 min
“Zooming Out” with Ted Seides of Capital Allocators
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 Great Investors Great [18:51] Public Equity vs Private Equity [22:03] The Slowdown in Exit Activity [38:13] What’s Going on in Private Credit [47:19] How Feedback Loops Impact Investor Temperament Related Episodes: Apple: Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets Spotify: Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit 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.
- Mar 31, 202646 min
Practice Makes Perfect: Unlocking Tax Alpha in 2026
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: Tax changes from theOne Big Beautiful Bill Act What mistakes to avoid from the new tax rules Basics of the new Trump Accounts Tax planning and the active vs passive debate How advisors are using munis in portfolios Where does real estate fit in tax planning 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
- Mar 17, 202650 min
Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui
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. They also explore diversification options within the private credit landscape, including asset-based finance (ABF) and real estate. Join us in welcoming Lotfi to PIMCO and Accrued Interest. Show notes: The emergence of direct lending after the Great Financial Crisis The explosive growth of direct lending post-COVID Why are we seeing headlines about private credit? The spectrum of credit markets Private credit’s other lanes Where are we on the asset-based finance journey? Systemic vs. cyclical risks in private credit What are senior secured loans? If you enjoyed the episode, explore more of our resources below: Private Credit’s Other Lanes Still Offer Value Related Episodes: Apple: • Asset-Based Finance: New Frontiers in Private Credit • Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets Spotify: • Asset-Based Finance: New Frontiers in Private Credit • Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit 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
- Mar 10, 202644 min
From the Middle East to Credit Markets: Christian Stracke on Today’s Uncertainty
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: The market’s reaction to tension in the Middle East How rate markets are digesting recent events A framework for investing in uncertain times The ripple effect on oil prices and inflation A crisis of confidence in credit markets How stress in U.S. credit impacts the broader credit landscape Related Episodes: Apple:· Expect the Unexpected with Pramol Dhawan· Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets Spotify:· Expect the Unexpected with Pramol Dhawan· Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit 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
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