WashingtonWise

Protecting Your Portfolio Amid Market Uncertainty

podcasts@schwab.com (Charles Schwab) — Thu, 26 Mar 2026 07:00:00 +0000

The war in Iran has created uncertainty in both the equity markets and the bond markets, as even the Federal Reserve acknowledged in its recent decision to hold interest rates steady. In this episode of WashingtonWise, Collin Martin, head of fixed income research and strategy at Charles Schwab, joins host Mike Townsend to discuss how fixed income investors can navigate the unusual volatility in the bond market. Collin shares his perspective on next steps for the Fed, whether bonds are still the safe haven investors perceive them to be, and the war’s implications for the U.S. dollar. He dives into the potential for elevated Treasury yields due to changing patterns in bond market ownership and looks at how the private credit markets have been roiled by growing investor concerns. And he provides his thoughts on what investors looking to help protect their portfolios should be focusing on in the bond market.

Mike also provides the latest on key issues in Washington, including the looming fight on Capitol Hill over additional funding for the war effort, the ongoing shutdown of the Department of Homeland Security, and the White House issuing a plan for regulating artificial intelligence.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

IMPORTANT DISCLOSURES:

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.

Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Bank loans typically have below investment-grade credit ratings and may be subject to more credit risk, including the risk of nonpayment of principal or interest. Most bank loans have floating coupon rates that are tied to short-term reference rates like the Secured Overnight Financing Rate (SOFR), so substantial increases in interest rates may make it more difficult for issuers to service their debt and cause an increase in loan defaults. A rise in short-term references rates typically result in higher income payments for investors, however. Bank loans are typically secured by collateral posted by the issuer, or guarantees of its affiliates, the value of which may decline and be insufficient to cover repayment of the loan. Many loans are relatively illiquid or are subject to restrictions on resales, have delayed settlement periods, and may be difficult to value. Bank loans are also subject to maturity extension risk and prepayment risk.

Mortgage-backed securities (MBS) may be more sensitive to interest rate changes than other fixed income investments. They are subject to extension risk, where borrowers extend the duration of their mortgages as interest rates rise, and prepayment risk, where borrowers pay off their mortgages earlier as interest rates fall. These risks may reduce returns.

International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Currency trading is speculative, very volatile and not suitable for all investors

Indexes are unmanaged, do not incur management fees, costs, and expenses (and/or "transaction fees or other related expenses"), and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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War Headlines Whipsaw Markets & Portfolios

podcasts@schwab.com (Mike Townsend, Kevin Gordon) — Thu, 12 Mar 2026 07:05:00 +0000

The military conflict in Iran is roiling markets around the globe. In this episode, host Mike Townsend is joined by Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research, to unpack what the war means for investors amid volatile markets. Kevin shares his perspective on how geopolitical uncertainty is driving sharp swings in oil and gas prices; why markets in the U.S. have so far been more resilient than those in Europe and Asia; and how rising energy costs could affect inflation, consumer spending, and the labor market. He also discusses how the war could impact the ongoing sector rotation toward energy and why bond yields are rising. And he shares some practical takeaways for investors—from why reacting to headlines can be dangerous to which economic indicators are most important to watch as the conflict evolves.

Mike also provides updates from Washington, including the possibility of companies receiving tariff refunds this spring, the ongoing stalemate over funding for the Department of Homeland Security, and how the Senate primaries in Texas have kicked off the busy midterm election cycle.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

IMPORTANT DISCLOSURES
The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Currency trading is speculative, very volatile and not suitable for all investors

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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AI: Fear of Missing Out or Just Fear?

podcasts@schwab.com (Michael Townsend, Nathan Peterson) — Thu, 26 Feb 2026 08:00:00 +0000

Just as investors were getting comfortable increasing their artificial intelligence holdings, the "AI trade" has been shifting, affecting a wide range of companies across a variety of sectors. Nathan Peterson, director of derivatives research and strategy at Schwab, joins host Mike Townsend to discuss the power of AI as well as its ability to disrupt. They dig into what AI can deliver now, where it is headed, the types of businesses that are being disrupted, and the risks to companies, the jobs market, and the broader economy. Nate shares his perspective on how investors should be thinking about including AI in their portfolios amidst a notable sector rotation.

Mike also dives into the Supreme Court’s ruling to invalidate the bulk of President Trump’s tariffs. He lays out the options for new tariffs, discusses the uncertainties for U.S. companies and global trade partners, and considers the case for tariff refunds.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Investors in mutual funds and/or ETFs should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. Please read the prospectus carefully before investing.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification, asset allocation and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.

Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability.

Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

The Charles Schwab Corporation provides a full range of brokerage and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (Member SIPC [link to: https://www.sipc.org/] offers investment services and products, including Schwab brokerage accounts.

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Making Solid Choices in a Volatile Market

podcasts@schwab.com (Charles Schwab) — Thu, 12 Feb 2026 08:05:00 +0000

As the markets get off to a slow start to 2026, investors have a lot on their minds. Daniel Stein, manager of two Charles Schwab branches in Virginia, joins host Mike Townsend for a wide-ranging discussion about the key concerns of individual investors, including market volatility, the potential for an AI bubble, the challenges of diversification in a top-heavy market, and international stocks, along with the roles of precious metals and cryptocurrency in a portfolio. Dan offers practical suggestions for assessing whether a portfolio is properly diversified, considerations when rebalancing portfolios, and making disciplined decisions about when to sell assets.

Mike also shares updates from Washington on the nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve chair, a lower profile but critically important nomination to head the Bureau of Labor Statistics, and the GOP’s shrinking majority in the House of Representatives.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

IMPORTANT DISCLOSURE

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification, asset allocation and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.

Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability.

Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument.

Money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the fund.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Currency trading is speculative, very volatile and not suitable for all investors

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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Don’t Let Headline Drama Disrupt Your Portfolio

podcasts@schwab.com (Charles Schwab) — Thu, 29 Jan 2026 09:00:00 +0000

The barrage of unsettling headlines has investors wondering how to manage their investments amid ongoing changes and disruptions coming from Washington. On this episode of WashingtonWise, Kasey McCurdy, chief portfolio strategist at Schwab Wealth Advisory, joins host Mike Townsend to tackle the turbulent start to the year. Kasey shares insights on how investors can tune out the noise when making investment decisions, even when there are few historical comparisons, and offers strategies for building resilient portfolios amidst uncertainty, both geopolitical and domestic. Mike also provides insights on what's happening in Washington right now, including the risk of a second government shutdown, the latest from the Federal Reserve, and the challenges the White House is facing on affordability issues.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification, asset allocation and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.

Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability.

High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may be more volatile than higher-rated securities

Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security’s yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Currency trading is speculative, very volatile and not suitable for all investors

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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Six Issues That Could Move Markets in 2026

podcasts@schwab.com (Mike Townsend) — Thu, 15 Jan 2026 08:05:00 +0000

Policy and politics are likely to have an outsized impact on the markets in 2026 as the administration, Congress, and the courts seek to shape the policy landscape in advance of the midterm elections. In this episode of WashingtonWise, host Mike Townsend focuses on six issues that could directly impact investors in the year ahead, including Federal Reserve independence, geopolitical events like the U.S. military operation in Venezuela, and key debates in Congress around health care policy, government funding, and cryptocurrency regulation. And he discusses the impact to investors' portfolios and the markets in general that proposed rules from regulatory agencies like the SEC, CFTC, and Labor Department could bring. With additional insights on pivotal Supreme Court cases and the implications of the upcoming midterm elections, Mike emphasizes the podcast's mission to help investors cut through political and economic noise, providing clear, fact-based analysis to better understand what truly matters for markets and your investments.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Currency trading is speculative, very volatile and not suitable for all investors

Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options, https://www.schwab.com/Futures_RiskDisclosure] prior to trading futures products.

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Positive 2026 Outlook Amid Affordability Concerns

podcasts@schwab.com (Mike Townsend, Kevin Gordon) — Thu, 11 Dec 2025 08:00:00 +0000

Affordability is the political buzzword of the moment, contributing to a widening gap between what consumers and investors think about the economy versus how the economy is actually performing. In this episode, Kevin Gordon, head of macro research and strategy at the Schwab Center for Financial Research, joins host Mike Townsend to discuss how affordability, though difficult to define, is shaping consumer sentiment and policy debates, especially as economic data and public perception diverge. Kevin shares his perspective on the softening jobs market, sticky inflation, the accuracy of government data, the deep divisions at the Federal Reserve, and how tariffs will continue to be a major issue for investors to watch. He also discusses his 2026 Market Outlook, highlighting potential opportunities for investors in the coming year even as concerns increase about the sustainability of the bull market.

And Mike shares his thoughts on another looming government shutdown deadline, the battle on Capitol Hill over health care subsidies, and why a Republican victory in a recent special election is signaling that Republicans may be in for a rough ride in next year's midterms.

Check out Schwab's 2026 Outlook: U.S. Stocks and Economy.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

Small cap investments are subject to greater volatility than those in other asset categories.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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Investors Eyeing Big Issues as Washington Reopens

podcasts@schwab.com (Charles Schwab) — Thu, 20 Nov 2025 08:05:00 +0000

The longest government shutdown in U.S. history may be over, but Washington now finds itself facing several tough issues that will have significant implications for the markets and the economy. In this episode of WashingtonWise, host Mike Townsend examines the fallout from the shutdown, including the risk of another shutdown in early 2026, how the lack of government economic data could impact the Fed's December decision on rate cuts, and how the ongoing debate over health care subsidies remains unresolved. He discusses why investors should keep an eye on two critical Supreme Court cases—one on the legality of much of President Trump's tariff policies and one that goes at the heart of Fed independence. He also shares his perspective on the 2025 elections, what they may signal for the 2026 midterms, and why more lawmakers than usual are calling it quits rather than running for re-election. Finally, Mike explores how the end of penny production after more than 230 years could be tricky for retailers and banks.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURES
The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

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Using Bonds Wisely in a Bull Market for Equities

podcasts@schwab.com (Michael Townsend, Collin Martin) — Thu, 6 Nov 2025 08:05:00 +0000

With the Fed cutting rates and the bull market in stocks continuing its run of more than three years, some investors are wondering whether bonds still play an important role in a portfolio. On this episode, host Mike Townsend and guest Collin Martin, managing director and head of fixed income research and strategy at Schwab, discuss why bonds still matter when it comes to providing stability in a diversified portfolio. Collin shares his perspective on how mortgage-backed securities, international bonds, and Treasury Inflation-Protected Securities (TIPS) all merit consideration by fixed income investors. They also do a deep dive into the most recent Fed meeting, including how the Fed is navigating the lack of economic data during the government shutdown, how it is wrestling with contradictory pressures from the jobs market and inflation, and the relationship between the fed funds rate and mortgage rates. Mike also provides updates on the government shutdown and how the Supreme Court is poised for a landmark decision on the president's tariff policy.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks, including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.

Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee.

Currency trading is speculative, very volatile and not suitable for all investors.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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Shake Off Emotions and Control Your Portfolio

podcasts@schwab.com (Stephanie Shadel, Michael Townsend) — Thu, 23 Oct 2025 07:05:00 +0000

We are living in highly emotional times. But how can investors make sure those emotions don't get in the way of good investing decisions? In this episode of WashingtonWise, host Mike Townsend welcomes Stephanie Shadel, senior wealth advisor at Charles Schwab, for a timely discussion on managing emotions during turbulent markets and the impact of Washington policy decisions on investing. Steph shares practical strategies for keeping emotions in check, building a financial plan, and considerations in making smart year-end decisions—including rebalancing portfolios, reviewing liquidity needs, and navigating the new tax law. She discusses how the tax planning, charitable giving, and estate strategies are evolving in light of recent legislative changes, providing actionable suggestions on the key questions for investors to discuss with their financial advisor before the end of the year. Mike also shares updates on the ongoing government shutdown, including how the Federal Reserve is navigating the lack of government economic data in advance of the upcoming monetary policy meeting.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Rebalancing does not protect against losses or guarantee that an investor’s goal will be met. Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability.

Neither the tax-loss harvesting strategy, nor any discussion herein, is intended as tax advice and Charles Schwab & Co., Inc. does not represent that any particular tax consequences will be obtained. Tax-loss harvesting involves certain risks including unintended tax implications. Investors should consult with their tax advisors and refer to the Internal Revenue Service (IRS) website at www.irs.gov about the consequences of tax-loss harvesting.

There are risks associated with investing in dividend paying stocks, including but not limited to the risk that stocks may reduce or stop paying dividends.

A donor's ability to claim itemized deductions is subject to a variety of limitations depending on the donor's specific tax situation. Consult a tax advisor for more information.

Investors should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available in such state's qualified tuition program.

Schwab does not recommend the use of technical analysis as a sole means of investment research.

This information is not a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager, Estate Attorney) to help answer questions about specific situations or needs prior to taking any action based upon this information.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly.

Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options] prior to trading futures products.

S&P 500® Index- Measures the performance of 500 leading publicly traded U.S. companies from a broad range of industries. It is a float-adjusted market-capitalization weighted index.

Chicago Board Options Exchange (CBOE) Volatility Index ® (VIX®)- Provides a general indication on the expected level of implied volatility in the U.S. market over the next 30 days. It is derived from real-time, mid-quote prices of S&P 500 Index call and put options.

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Bull Market Keeps Running—What Could Trip It Up?

podcasts@schwab.com (Joe Mazzola, Michael Townsend) — Thu, 9 Oct 2025 07:05:00 +0000

The bull market has been running since April, despite persistent economic and political headwinds, including tariffs, sticky inflation, a weakening jobs outlook, questions about the Fed's independence, and now a government shutdown. On this episode of WashingtonWise, Joe Mazzola, head trading and derivatives strategist at Charles Schwab, joins host Mike Townsend to discuss traders’ perspectives on whether this market can sustain its momentum amid policy and political uncertainty. Joe shares his thoughts on the potential impact of the government shutdown, especially the lack of crucial economic data, on the markets and the Fed’s monetary policy decisions. He shares how traders are thinking about tariffs, the artificial intelligence boom, and the strategic use of cash in a portfolio. And he offers some practical guidance on whether it is time for investors to take some profits and where to look for potential opportunities.

Mike also shares updates on what to watch for as lawmakers try to find a path to ending the shutdown, how the Supreme Court is getting set to weigh in on whether the president can fire a Fed governor, and why investors should pay attention to two recent White House personnel decisions.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURE

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

Past performance is no guarantee of future results.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Currency trading is speculative, very volatile and not suitable for all investors.

Technical analysis is not recommended as a sole means of investment research.

There is no guarantee that execution of a stop order will be at or near the stop price.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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Fed's Dilemma: Boost Job Growth or Fight Inflation

podcasts@schwab.com (Michael Townsend, Kathy Jones) — Thu, 25 Sep 2025 07:05:00 +0000

At last week's remarkable Federal Reserve meeting, the Fed's decision to cut the baseline interest rate for the first time in 2025 took a backseat to questions over which members would get to vote at the meeting. On this episode, Kathy Jones, Schwab's chief fixed income strategist, joins host Mike Townsend to break down the Fed's struggle to balance inflation concerns with a softening job market—and what they might do if they get it wrong. They also look at the political drama surrounding Fed Governor Lisa Cook and the controversial confirmation of Stephen Miran to the Fed board, spotlighting serious questions about the central bank's independence and the broader implications for financial markets. Kathy shares her insights on the bond market, including the impact of fiscal deficits, Treasury yields, and the weakening dollar. She offers practical considerations for bond investors in a time of uncertainty, emphasizing the importance of a bond's term and quality.

And Mike provides the latest on two key issues in Washington: the growing risk of a government shutdown and the debate over the future of corporate-earnings-reporting requirements.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURE

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only.

This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

However, its accuracy, completeness or reliability cannot be guaranteed.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Currency trading is speculative, very volatile and not suitable for all investors.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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Washington Decisions That Could Move the Markets

podcasts@schwab.com (Charles Schwab) — Thu, 11 Sep 2025 08:00:00 +0000

The coming weeks will see a series of major policy decisions in Washington that will play out in Congress and in the courts. On this episode, host Mike Townsend explores five key issues that are nearing resolution and discusses how the markets may react. He examines the Federal Reserve's plan to resume cutting interest rates and how the president's attempt to fire a Fed governor means the courts will have to resolve a fundamental question regarding the Fed's long-established independence. Mike also provides updates on the court battle over tariffs and the implications for the economy and the markets. And he addresses the risk of a government shutdown, Congressional action on cryptocurrency regulation, and the market ramifications of the federal government taking an ownership stake in Intel Corp.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

Past performance is no guarantee of future results.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Currency trading is speculative, very volatile and not suitable for all investors.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

(0925-CPZ4)

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Is Delayed Tariff Pain About to Hit U.S. Markets?

podcasts@schwab.com (Michelle Gibley, Mike Townsend) — Thu, 31 Jul 2025 07:05:00 +0000

2025 has been the Year of the Tariff. Since he took office, President Trump has unveiled aggressive tariffs on imports from foreign countries, reshaping U.S. trade policy, sending the markets on a roller-coaster ride, and causing uncertainty for companies of all types. Now a new deadline of August 1 looms that could bring higher tariffs on imports from dozens of countries. On this episode, host Mike Townsend is joined by Michelle Gibley, director of international research at the Schwab Center for Financial Research, for a timely discussion of tariffs—what's in place now, what's coming next, how they are being used to secure trade deals, and what the potential impact is on inflation, the economy, and the markets. Michelle shares her perspective on why markets reacted so sharply to the "Liberation Day" tariff announcements in April but have mostly ignored the tariff noise since then. They also discuss the ramifications for international stocks, why emerging markets have been outperforming U.S. markets, and where investors looking to expand their international allocation can find opportunities.

Mike also provides updates from Washington on the Fed's decision to keep the federal funds rate steady, the latest on cryptocurrency legislation, and why a recent fight on Capitol Hill to claw back foreign aid funding could be a worrisome signal for this fall's effort to fund government operations and avert a disruptive government shutdown.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

Check out Michelle's recent articles: "Tariffs: Is the Worst Behind Us?" and "Benefits of Emerging Markets Diversification."

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

Commodity-related products carry a high level of risk and are not suitable for all investors.

Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Currency trading is speculative, volatile and not suitable for all investors.

Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.

Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see Schwab.com/IndexDefinitions.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The index covers about 85% of this China equity universe. Currently, the index includes Large Cap A and Mid Cap A shares represented at 20% of their free float adjusted market capitalization.

The MSCI Korea Index is designed to measure the performance of the large and mid cap segments of the South Korean market. The index covers about 85% of the Korean equity universe.

The MSCI India Index is designed to measure the performance of the large and mid cap segments of the Indian market. The index covers approximately 85% of the Indian equity universe.

The MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. The index covers about 85% of the Brazilian equity universe.

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Crypto Goes Mainstream: What Investors Should Know

podcasts@schwab.com (Mike Townsend, Nate Peterson) — Thu, 17 Jul 2025 07:05:00 +0000

As cryptocurrency makes its way into the investing mainstream, investors have lots of questions. In today's episode, Nate Peterson, director of derivatives analysis at the Schwab Center for Financial Research, joins host Mike Townsend for a timely discussion that covers cryptocurrency basics, how this technology could evolve, and how Washington is taking notice by moving forward on the first-ever crypto legislation. Nate explains cryptocurrency, stablecoins, the blockchain, and the opportunities for crypto to become a mainstream form of payment. Nate and Mike then discuss the rapidly evolving regulatory landscape in Washington, where Congress is considering multiple bills to create a regulatory framework that will provide clarity for the industry and increase confidence for investors. Finally, Nate shares his thoughts on how investors can get more educated on this rapidly evolving technology.

Mike also shares his thoughts on the "One Big Beautiful Bill" now that it is the law of the land and provides updates on the next fiscal fights looming in Congress.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit Schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts.

IMPORTANT DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.   

Investing involves risk, including loss of principal.

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

All corporate/ issuer names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

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One Big Beautiful Bill: Implications for Investors

podcasts@schwab.com (Michael Townsend) — Thu, 19 Jun 2025 07:00:00 +0000

The One Big Beautiful Bill, the Republicans’ massive tax and spending package, has passed the House of Representatives, but now the Senate is making significant changes to the legislation. In this episode, host Mike Townsend takes a closer look at what’s in the bill and how it may affect taxpayers, investors, and the markets.

He examines the key differences between the House-passed bill and the Senate version, discusses the most contentious issues that are still unresolved, and looks at the timing for getting the bill across the legislative finish line. He also shares his perspective on how the companies and the markets see some good things in the bill but are also concerned about the longer-term implications of rising budget deficits and increasing the national debt.

WashingtonWise is an original podcast for investors from Charles Schwab.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.   

Investing involves risk, including loss of principal.

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction.

Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options [LINK Risk Disclosure Statement for Futures and Options: https://www.schwab.com/Futures_RiskDisclosure] prior to trading futures products.

(0625-98ST)

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One More Risk for Your Portfolio: Financial Fraud

podcasts@schwab.com (michael townsend, DJ Johnson) — Thu, 5 Jun 2025 07:00:00 +0000

Financial fraud is not new, but it evolves so quickly that it can be hard to keep track of the latest developments. Host Mike Townsend is joined on this episode by DJ Johnson, managing director of financial crimes risk management at Charles Schwab, for an informative discussion of what kinds of financial scams are proliferating now and how investors can protect themselves. DJ highlights how fraudsters are using new techniques with artificial intelligence and voice impersonation and describes some of the most common scams he's seeing right now, including synthetic identity fraud, options fraud, and scams involving foreign securities. Mike and DJ also discuss the particular vulnerability of senior investors. DJ shares some insights on how Schwab works to identify and deter fraud, and he offers some important common-sense tips on how listeners can keep informed, stay vigilant, and take steps to help ensure that they don’t fall victim to these increasingly deceptive scams.

Mike also shares his perspective on the latest developments with two of the big issues percolating right now in Washington: the massive tax and spending bill now moving through the Senate and the ongoing uncertainty around tariffs.

Check out SchwabSafe® for information on ways to protect yourself from cybercrime and how to report it if you suspect fraud.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.   

Investing involves risk, including loss of principal.

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options" before considering any option transaction.

(0625-ZW4G)

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