PIMCO Accrued Interest
Accrued Interest is PIMCO's podcast for Financial Advisors. Host Greg Hall, Head of U.S. Global Wealth Management, explores timely themes with special guests. Each episode aims to provide insights for client conversations and investment ideas.
Episodes
A World of Opportunity
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 teno
Old-Fashioned Bond Math for a New-Fashioned Fed
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 marke
Lotfi Karoui on Private Credit and the AI CapEx Supercycle
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 ahe
A Crude Interest: Greg Sharenow on Structural Changes in the Commodity Complex
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
Dan Ivascyn: Secular Shifts, Tail Risks, and Portfolio Resilience
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 unexpe
Commercial Real Estate Reset: Finding Value Across Debt and Equity
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 multif
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 Spe
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”
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 financin
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 d
“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 marke
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 an
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 cr
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 effe
Expect the Unexpected with Pramol Dhawan
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
Don’t Ignore Your Core: Process and Progress with PIMCO CIO Mohit Mittal
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 fr
Dan Ivascyn: Beyond the Base Case in 2026
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
Charting the Year Ahead with Marc Seidner
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 f
Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets
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 u
Macro, Markets and Musical Metaphors: A Very Enlightened Conversation with NewEdge Wealth’s Cameron Dawson
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
From Gold to Gigawatts: Unpacking Today’s Commodity Markets
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:
Commodity Markets’ Evolut
Tariffs, Technology, and Transition with Tiffany Wilding
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 ‘
The Fed Cut. Now What? Former Vice Chair Rich Clarida Weighs In
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
Bond ETFs: From Niche to Norm
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 effic
Holding Steady Amid Whipsawing Markets with Marc Seidner and Pramol Dhawan
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 portfo
Bent, not Broken: Uncovering Value in Commercial Real Estate
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 – Int
Mid-Year Check-In with Group CIO Dan Ivascyn
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 midpo
Asset-Based Finance: New Frontiers in Private Credit
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 Clay
Extra Credit: PIMCO Perspectives with Marc Seidner and Pramol Dhawan
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 & CHAPTE
Municipal Bonds: Volatility Yields Opportunity
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
P
Market Update with Dan Ivascyn - PIMCO Group CIO
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 respo
Tracking Tariffs with Libby Cantrill & Tiffany Wilding
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
Moving Cash from Defense to Offense with Jerome Schneider
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, Jero
Extra Credit: PIMCO Perspectives with Marc Seidner and Pramol Dhawan
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 o
Watching the Fed Watching Tariffs and Inflation
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 pr
Investing in the Year Ahead: A Conversation with Dan Ivascyn
PIMCO Group CIO Dan Ivascyn joins host Greg Hall to discuss markets and the evolving investment landscape for 2025. As advisors guide their clients through shifting rate outlooks, record high equity markets, and the early days of the new administration, Dan shares lessons learned over his three decades in active investment management.
The discussion and content provided within this podcast is inte
Practice Makes Perfect: Planning for 2025
Head of Advisor Education John Nersesian and Account Manager Mary Hoppe explore the evolution of financial advice, offering strategies to elevate your practice. From tax planning and charitable giving to portfolio rebalancing, they share essential insights to prepare for the year ahead.
The discussion and content provided within this podcast is intended for informational purposes only and may not
Politics & Portfolios
There’s never a dull moment when it comes to politics and the markets. Join our Head of Public Policy, Libby Cantrill, and Account Manager, Andy Maloney, as they cut through the post-election noise and discuss portfolio opportunities with host, and Head of U.S. Global Wealth Management, Greg Hall.
The discussion and content provided within this podcast is intended for informational purposes only a
Ahead of the Curve
The Fed has started cutting rates. Greg Hall, Head of U.S. Global Wealth Management, Marc Seidner, CIO Non-Traditional Strategies, and Emily McGrath, PIMCO Account Manager, discuss what that may mean for fixed income portfolios and how PIMCO is staying ahead of the curve.
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate
Welcome to Accrued Interest
PIMCO's podcast for Financial Advisors
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