Policy uncertainty is rising—but markets seem unfazed. In this episode, we sit down with Libby Cantrill, Head of Public Policy at PIMCO, to explore the critical policy risks that investors may be underestimating or ignoring altogether.

From the real-world implications of the tariffs to questions around Fed independence, fiscal stimulus, and housing market interventions, Libby provides an insider’s perspective on what’s happening in Washington—and why it matters more than the market suggests.

She also discusses how policy risk differs from macroeconomic risk, how investors often price the wrong factors, and why the next shock may not come from where most expect.

Topics covered include:

Why policy risk remains underappreciated by markets
The lasting impact of tariffs—and how they could evolve
The Big, Beautiful Tax Bill: What’s real, what’s hype
Risks to Fed independence and central bank credibility
GSE reform and the political tightrope in housing
The intersection of fiscal policy and market complacency

Whether you're focused on macro trends, portfolio positioning, or simply trying to understand what Washington might throw at markets next, this is a conversation you don’t want to miss.

This Isn’t Priced In | PIMCO’s Libby Cantrill on the Policy Risks Markets Are Missing

Excess Returns

This Isn’t Priced In | PIMCO’s Libby Cantrill on the Policy Risks Markets Are Missing