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

Excess Returns · Jul 20, 2025 · 49m

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…