WashingtonWise

History tells us that markets are usually flat in the run-up to midterm elections. Can strong earnings continue to power the market through the election and beyond? On this episode, host Mike Townsend is joined by Joe Mazzola, Schwab's head trading and derivatives strategist, for a conversation about whether history still offers a useful guide to a market that has repeatedly defied it in 2026. Joe shares how an unusually strong earnings backdrop—with revenue, profit, and margin growth rising together—has powered the rally, and why a higher bar for future results could make those gains harder to repeat. He also unpacks how turmoil in the bond market is impacting equities and how the market is thinking about a possible Fed rate hike. And he shares practical approaches investors can consider to manage short-term volatility heading into the election and where investors seeking genuine diversification might look for opportunities. Mike also provides his thoughts on the latest developments in Washington, including a preview of next week's Fed meeting, how Congress has staved off—for now—a government shutdown, and the implications of the national debt passing the $40 trillion mark. 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. 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. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. 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. 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 0926-556U Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Congress may be heading out the door for its annual summer recess, but there is still plenty going on in Washington that could affect markets and portfolios. Host Mike Townsend dives into why the Federal Reserve remains the most important policy story for investors, including this week's decision to hold interest rates steady, the committee's cautious approach to inflation, and new Chair Kevin Warsh's plan for a major overhaul of how the Fed operates. He also discusses how the ever-evolving tariff regime is creating planning challenges for companies; how AI regulation and public resistance to data centers are emerging as key issues for this booming industry; the Bureau of Labor Statistics focus on ensuring the integrity of economic data; and efforts by Congress to avoid a pre-election government shutdown. Plus, Mike shares his outlook for the highly competitive midterm elections and why he thinks split control of Congress is the most likely outcome. 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. 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. 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. 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. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. schwab.com/indexdefinitions. 0726-PRTS Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After a down first quarter of 2026, stocks rebounded sharply in the second quarter, with major indexes seeing double-digit gains. Now the market environment is both surprisingly strong and deeply unsettled. On this episode of WashingtonWise , Daniel Stein, manager of two Charles Schwab branches in Virginia, joins host Mike Townsend to discuss the importance of understanding what is in your portfolio and how the balance may have shifted due to multiple factors, including a market run-up that likely resulted in overconcentration of mega-cap stocks, the enthusiasm over artificial intelligence and high-profile IPOs, and changing index rules. Dan offers practical guidance on reassessing risk tolerance and bringing your portfolio back into balance with your long-term plan in order to reduce anxiety and stay focused through market volatility. Mike also covers the latest from Washington, including a key Supreme Court decision for Fed independence, the surprising way a bipartisan housing bill became law, and the launch of Trump Accounts for children. 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. 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, 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. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. 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. 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. 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. 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. 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 0726-FFWU Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

With high-profile IPOs generating investor excitement but also increasing volatility in the stock market, it's a good time to remember that bonds can help smooth volatility in your portfolio. In this episode, host Mike Townsend is joined by Collin Martin, head of fixed income research and strategy at the Schwab Center for Financial Research, for a timely discussion on the state of the bond market. Collin dives into what the latest inflation and jobs numbers are telling us about the economy and how the Federal Reserve is likely to stay cautious rather than rush into more rate moves. He examines how the arrival of new Chair Kevin Warsh at the Fed could change the way the central bank communicates and the implications of that for the markets. And he surveys where opportunities may exist across the fixed income landscape—from ultra-short bond funds to investment-grade corporates, high-yield bonds, preferred securities, and municipal bonds. Mike also shares the latest from Washington, including the latest evidence that the government funding process is breaking down, worrisome news about Social Security, and an under-the-radar confirmation hearing that goes to the heart of the debate about the integrity of economic data. 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 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. You can request a prospectus via 800-435-4000. Please read the prospectus carefully before investing. ​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. 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. High-yield securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. 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. 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. 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. 0626-0BEF Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After a negative performance during the first quarter, the market has surged, with April and May producing one of the best two-month performances on record. But can the bull market keep going? On this episode, host Mike Townsend welcomes Kasey McCurdy, chief portfolio strategist with Schwab Wealth Advisory™, for an engaging discussion about why the market's powerful recent rally may be more durable than it appears, but also why caution is still warranted. They discuss how momentum and investor "FOMO" have played a role in the recent run, but it is strong corporate earnings that have been the primary driver. They dig into the evolution of AI investing as the focus shifts from infrastructure builders to companies that can effectively monetize and apply AI, with future returns hinging on proving real return on investment rather than just hype. Kasey and Mike also discuss the disconnect between strong markets and weak consumer sentiment, how investors should be thinking about the upcoming mega-IPOs and why it’s an important time for investors to consider rebalancing their portfolios. Mike also shares his perspective on some of the latest headlines coming out of Washington, including how an increasing number of "free agent" Republicans could derail the president’s policy agenda and the launch of the new Trump Accounts for children. 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. 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, 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. 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. 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. 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. Hyperscalers are large-scale cloud-service providers with vast, global networks of data centers. 0626-T7CC Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Show Notes: One of the hottest buzzwords on Wall Street is "tokenization." While the term has long been used in the context of cryptocurrency, exchanges and companies are moving quickly to create digital stocks. On this episode, host Mike Townsend is joined by Jim Ferraioli, director of digital currencies research and strategy at the Schwab Center for Financial Research, for a timely discussion on the implications of tokenization for investors, exchanges, and companies. They discuss how regulators and Congress are moving quickly to make digital stock trading a reality in the United States, the potential cost savings for companies of tokenization, and how investors are driving demand for digital stocks that offer all investors the ability to trade 24 hours a day, seven days a week, and settle almost instantly. Jim offers his thoughts on how and why this evolving development using blockchain technology could impact the markets. Mike also provides updates on the latest developments in Washington, including the arrival of Kevin Warsh as the new chair of the Federal Reserve, the debate on Capitol Hill over a federal gas tax holiday, and the progress of a bipartisan housing reform bill 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 . 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 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, asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. 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. Alternative investments cover a wide array of strategies, including real estate, private equity, private credit, and hedge funds. Risks will vary based on each unique strategy and can include investments in highly illiquid assets or securities, use of leverage, higher fees, lower transparency, tax risks, and limited ability to redeem or limited transferability. Investing in cryptocurrencies involves risk, including the risk of total loss of principal invested. Cryptocurrencies [such as bitcoin and ethereum] are highly volatile, are not backed or guaranteed by the bank, any central bank or government; are not deposits; are not FDIC insured; are not SIPC protected; and lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. 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. 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. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0526-LJD4 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After a rough first quarter of 2026, April saw the best monthly gain in major indexes in more than five years. Is it a sign that investors are refocusing on fundamentals and not overreacting to every geopolitical headline? On the latest episode of WashingtonWise , Liz Ann Sonders, Schwab's chief investment strategist, joins host Mike Townsend for an engaging discussion about the market, the economy, and whether the latest rally can be sustainable. Liz Ann shares her perspective on the strong corporate earnings season, the implications of tariff refunds for companies, how to think about the evolving "AI trade," and what the change in leadership at the Federal Reserve could mean for interest rates and the markets. They also discuss sector performance and how the historic axiom that the markets perform more poorly in summer months than in winter months doesn't fit today's markets. And Liz Ann offers a strong viewpoint on the important distinction between investing and gambling. Mike also provides updates from Washington on several key issues, including the timeline for confirming the new Fed chair, the president's executive order on retirement savings, and the latest round of the gerrymandering wars as states vie to redraw their Congressional district lines." 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. 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. Schwab does not recommend the use of technical analysis as a sole means of investment research. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. 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. 0526-DV0F Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A rocky first quarter for the equities markets gave way to a surprisingly strong start to April, despite ongoing uncertainty from the Middle East conflict, stubborn gas prices, and supply chain disruptions. On this episode, host Mike Townsend is joined by Joe Mazzola, head trading and derivatives strategist at Charles Schwab, for a discussion about what's driving the market right now and whether the April rally is sustainable. Joe shares his insights on relief rallies, the start to earnings season, consumer sentiment, and how companies are embracing the "higher for longer" outlook from the Federal Reserve. He also discusses new rules for day traders, the potential impact of mega IPOs on the market, and the three things he's watching for to see if the April rally can sustain its momentum. And Mike provides his perspective on the latest news out of Washington, including Kevin Warsh's confirmation hearing to become the next Fed chair, the opening of the government's tariff refund portal, and the increasing interest among lawmakers in regulating the fast-growing prediction markets. 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. 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. 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 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 0426-7NF3 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The war in Iran is dominating the headlines, but it's not the only issue percolating in Washington that investors need to be paying attention to. In this episode of WashingtonWise , host Mike Townsend focuses on how the war contributed to the negative returns for equity investors in the first quarter of 2026 and looks ahead to how the war and other issues may play out in Q2. He discusses the human and financial toll of the war in Iran and notes how the impact on the global oil supply could take months to sort out even if the war ends soon. He then turns his eye back to Washington to discuss the looming fight in Congress over funding the war, the ongoing shutdown of the Department of Homeland Security, and the uncertainty surrounding when and whether the Federal Reserve will get new leadership. Mike also highlights upcoming regulatory changes, including the potential shift away from quarterly earnings reports, a proposal to allow alternative assets in retirement plans, and the latest on the launch of "Trump Accounts" for children. Finally, he provides his latest thinking on the midterm elections and the near-record number of members of Congress choosing to retire rather than run for re-election. 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. 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, asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Alternative investments cover a wide array of strategies, including real estate, private equity, private credit, and hedge funds. Risks will vary based on each unique strategy and can include investments in highly illiquid assets or securities, use of leverage, higher fees, lower transparency, tax risks, and limited ability to redeem or limited transferability. 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. 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. 0426-1SYJ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 0326-V8NP Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. 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. 0326-P71L Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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, 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. 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. 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. 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. 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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, 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. 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. 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. 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. 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. 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 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. 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. 0226-BLA0 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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, 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. 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. 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. 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 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. 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. 0126-4SFT Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. Currency trading is speculative, very volatile and not suitable for all investors 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. 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. 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. 0126-UFXB Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. 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. 1225-KM4Z Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. 1125-CM2C Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. Investing in emerging markets may accentuate these risks. 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. 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. 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. 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. 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 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. 1125-6R2W Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. 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. 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. 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. Investing in emerging markets may accentuate this risk. 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. 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. 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. 1025-054A Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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. 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. 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. 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. 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. 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. 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. 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. 1025-TEZW Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.