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Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. Outlook and strategies are subject to change without notice. Past performance is not a guarantee or a reliable indicator of future results. Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be considered as investment advice. There is no guarantee that stated results will be achieved.

Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. Outlook and strategies are subject to change without notice. Past performance is not a guarantee or a reliable indicator of future results. Forecasts, estimates and certain information contained herein are based upon proprietary research and should not be considered as investment advice. There is no guarantee that stated results will be achieved.

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Podcast In a world of constant headlines, how can investors separate signal from noise? In this episode of Fixing Your Interest, Marc Seidner, PIMCO's CIO of Non-Traditional Strategies, joins Tina Adatia to discuss the forces shaping markets today, from geopolitical uncertainty and changing central bank dynamics to the outlook for growth and inflation. Together, they explore how investors can focus on the signals that matter and identify opportunities amid market volatility.

Last week, the U.S. Treasury Department surprised the bond market by announcing that it would at least double selected long-end bond buybacks. Long-term yields initially fell but quickly reversed, raising questions from many investors and observers about what this could mean for Treasury’s debt management strategy and its long-held view that “regular and predictable” issuance best serves its goals to minimize borrowing costs for the U.S. government.

Key takeaways: Defaults are not created equal. As the credit cycle ages, default rates will remain central to assessing credit quality, but headline comparisons between public and private markets can be misleading. This is because direct lending stress is often resolved in less visible ways. The shadow default signal is mixed.

This article originally appeared in the Financial Times on 19 August 2026. In the early weeks of Kevin Warsh’s start as chair of the U.S. Federal Reserve, there has been renewed focus on how “underlying” inflation should be measured to guide decisions on interest rates. Common inflation measures, including the Fed’s preferred personal consumption expenditures (PCE) price index, have been above the central bank’s 2% target for five years.

, The 30-year U.S. Treasury yield has touched roughly 5.3% in the past week, a level not seen in nearly two decades. Global counterparts in Europe, the U.K., and Japan have climbed to similar heights. What’s driving the move at the long end of the yield curve? Rising sovereign debt loads, a surge in AI-related corporate bond issuance, and lingering inflation anxiety tied to energy costs – and what that means for central bank policy – all play a role.

Key takeaways: Performance within business development company (BDC) capital structures continues to diverge. BDC bonds have recovered most of their underperformance while equities continue to lag, suggesting investors are demanding a higher risk premium to compensate for uncertainty around portfolio valuations. The valuation reset has yet to occur.