It is busy time, to say the least, for Libby Cantrill, Head of Public Policy at PIMCO. Today’s markets are grappling with vast uncertainties…in US fiscal policy, in Fed independence and leadership, in geopolitics, and in global trade. Libby is charged with helping both the clients and risk-takers of PIMCO better understand the implications of policy that is changing rapidly. Through her conversations with institutional, retail, and international clients, she outlines how uncertainty around US policy has become a central driver of investor concern early in 2026. Our discussion highlights how recent geopolitical developments — including tensions with Europe, rhetoric around Greenland, and renewed trade disputes — have amplified questions around US credibility and global leadership. Throughout the conversation, Libby frames the current environment as one in which policy volatility, rather than policy outcomes alone, is shaping investor behavior. Tariffs, fiscal deficits, and electio...