PIMCO Perspectives: When Geopolitics Becomes an Economic Input

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 [https://www.pimco.com/gbl/en/experts/richard-clarida] is a former Vice Chairman of the Federal Reserve and current Global Economic Advisor at PIMCO  Libby Cantrill [https://www.pimco.com/gbl/en/experts/libby-cantrill] is a Managing Director and Head of Public Policy for PIMCO  Greg Hall [https://www.pimco.com/gbl/en/experts/gregory-hall] is the host of Accrued Interest, a Managing Director, and the Head of U.S. Global Wealth Management for PIMCO (1:09) What to expect from a Warsh-led Fed (11:09) The fluid nature of the conflict in the Middle East (15:46) The political ripple effect of inflation (22:45) How do the midterms shape the rest of 2026? (25:11) Fiscal credibility and the bond market (29:37) Is stagflation really in play? (35:16) Where do things stand with tariffs? (38:02) 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 [https://www.pimco.com/gbl/en/insights/a-new-fed-chair-a-new-tone-but-familiar-anchors] by Richard Clarida  Podcast: When Geopolitics Becomes an Economic Input (Apple [https://podcasts.apple.com/us/podcast/pimco-perspectives-when-geopolitics-becomes-an/id1775267761?i=1000767777623] or Spotify) [https://open.spotify.com/episode/4EyexhHbokFW5TVBT8mDct] Subscribe to Libby Cantrill's newsletter, Washington Watch [https://pages.pimco.com/Subscription-PIMCO-Washington-Watch.html]. 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

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: (4:42) The thesis of “When Geopolitics Becomes an Economic Input” (11:05) How geopolitical risks may impact the market (13:54) Why today is different than 2022 (19:07) Goldilocks or recession? What’s next for the economy (22:46) Bonds outyielding high-flying AI stocks (26:52) Why active management, why now (29:55) Protecting your portfolio for this moment If you enjoyed the episode, check out some related resources below: When Geopolitics Becomes an Economic Input [https://www.pimco.com/gbl/en/insights/when-geopolitics-becomes-an-economic-input] Three Cyclical Forces Shaping Markets [https://www.pimco.com/gbl/en/resources/video-library/media/three-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

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: (3:58) The state of asset-based finance (10:09) How the opportunity has evolved (20:57) Where the consumer meets asset-based finance (25:16) Deploying capital in such a big space (30:00) Four pillars of alpha in asset-based finance (35:10) What we used to do that we don’t anymore (40:04) What sets asset-based finance apart (43:20) 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 [https://podcasts.apple.com/us/podcast/private-credits-other-lanes-still-offer-value-with/id1775267761?i=1000755795300] • Spotify [https://open.spotify.com/episode/4RdmY5EtdTAs5gnq6GeeSb] Asset-Based Finance: New Frontiers in Private Credit • Apple [https://podcasts.apple.com/us/podcast/asset-based-finance-new-frontiers-in-private-credit/id1775267761?i=1000709622347] • Spotify [https://open.spotify.com/episode/6i9CjgfNlneGsVQGlzSebw] [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.

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: (4:59) How recent events have impacted the muni market (10:49) Why today is a good entry point (16:27) Which sectors have become more or less attractive (22:23) The divergence in outcomes between different projects (25:49) Bank retrenchment and the muni market (29:18) How the team stays ahead (41:10) Where AI meets the muni market Check out our related episodes: Apple: Practice Makes Perfect: Unlocking Tax Alpha in 2026 [https://podcasts.apple.com/us/podcast/practice-makes-perfect-unlocking-tax-alpha-in-2026/id1775267761?i=1000758471345] Spotify Practice Makes Perfect: Unlocking Tax Alpha in 2026 [https://open.spotify.com/episode/3EFPHoYXgsR5GeonliG6fu] 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.

“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 [https://podcasts.apple.com/us/podcast/private-credits-other-lanes-still-offer-value-with/id1775267761?i=1000755795300] Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets [https://podcasts.apple.com/us/podcast/will-headlines-hit-your-bottom-line-risk-and-reality/id1775267761?i=1000739159902] Spotify: Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui [https://open.spotify.com/episode/4RdmY5EtdTAs5gnq6GeeSb] Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets [https://open.spotify.com/episode/1vWIrVnDtBiEMXEjNliWPa] 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.