See those rings on her toes / Check that frisbee in his Volvo
It's a Volvo with ancient plates
They've got a dog she named Trey
A retriever with a frayed bandana around his neck
Now, it's well known in Phish circles that Trey Anastasio is a huge Pavement fan, and Phish has been known to cover "Gold Soundz" from time to time (which happens to be my all-time favorite Pavement song, thank you very much). And during Pavement's last tour, it was said that SM once dedicated "Gold Soundz" to "all the Phish-heads in the audience," although it was not said how much irony and sarcasm was in his voice when he said it.
So I'm wondering if Mr. Malkmus is having a smug, pretentious laugh at Mr. Anastasio's expense here, or if it's just coincidence, or if in fact it's meant as a below-the-radar high-five. I'm leaning towards the first option.
And for those of you who mock my Phish knowledge, let me just say this: Trey is recording an album in his own private studio with Les Claypool and Stewart fucking Copeland at this very moment, and you're not.