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 midpoint of 2025. He provides a rundown of what’s changed—and what hasn’t—over the tumultuous intervening months, and shares his insights on where the economy, markets, and investment opportunities may be headed. Part 1 - From January to Now - An Evolving Investment Paradigm Part 2 - The State of U.S. Fiscal Sustainability Part 3 - Economics Fundamentals and the Big Beautiful Bill Part 4 - Credit - Avoid Complacency and Look to Consumers Part 5 - Don’t Overcomplicate Liquidity Part 6 - Conclusion: What is the Opportunity Set Today?   Related Resources: Latest insights from PIMCO’s industry-leading experts, including Rich Clarida, Tiffany Wilding, and Libby Cantrill Our Cyclical Outlook – looking out 6-12 months: Seeking Stability Our Secular Outlook – looking out 3-5 years: The Fragmentation Era Take a look at PIMCO's Behavioral Science Edge Ready For Anything at Advisor Forum 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