Under the Vacancies Act, an acting director in a Senate-confirmed position can only serve for 210 days without a formal nomination and confirmation.

PIMCO believes that tariffs will remain a persistent feature of U.S. policy, regardless of who wins the 2028 presidential election, due to their revenue generation and bipartisan appeal.

The current Section 122 tariffs are set to expire on July 24th.

Fannie Mae and Freddie Mac have been buying agency mortgage-backed securities in an effort to decrease mortgage rates.

PIMCO believes the appointment of Bill Pulte as acting DNI effectively removes the possibility of an IPO for Fannie Mae and Freddie Mac.

The Trump administration is using Section 122 to impose a blanket 10% tariff after the Supreme Court struck down tariffs enacted under the IEPA.