WashingtonWise

The coming weeks will see a series of major policy decisions in Washington that will play out in Congress and in the courts. On this episode, host Mike Townsend explores five key issues that are nearing resolution and discusses how the markets may react. He examines the Federal Reserve's plan to resume cutting interest rates and how the president's attempt to fire a Fed governor means the courts will have to resolve a fundamental question regarding the Fed's long-established independence. Mike also provides updates on the court battle over tariffs and the implications for the economy and the markets. And he addresses the risk of a government shutdown, Congressional action on cryptocurrency regulation, and the market ramifications of the federal government taking an ownership stake in Intel Corp. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. IMPORTANT DISCLOSURES The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. 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. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. (0925-CPZ4)

2025 has been the Year of the Tariff. Since he took office, President Trump has unveiled aggressive tariffs on imports from foreign countries, reshaping U.S. trade policy, sending the markets on a roller-coaster ride, and causing uncertainty for companies of all types. Now a new deadline of August 1 looms that could bring higher tariffs on imports from dozens of countries. On this episode, host Mike Townsend is joined by Michelle Gibley, director of international research at the Schwab Center for Financial Research, for a timely discussion of tariffs—what's in place now, what's coming next, how they are being used to secure trade deals, and what the potential impact is on inflation, the economy, and the markets. Michelle shares her perspective on why markets reacted so sharply to the "Liberation Day" tariff announcements in April but have mostly ignored the tariff noise since then. They also discuss the ramifications for international stocks, why emerging markets have been outperforming U.S. markets, and where investors looking to expand their international allocation can find opportunities. Mike also provides updates from Washington on the Fed's decision to keep the federal funds rate steady, the latest on cryptocurrency legislation, and why a recent fight on Capitol Hill to claw back foreign aid funding could be a worrisome signal for this fall's effort to fund government operations and avert a disruptive government shutdown. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. Check out Michelle's recent articles: "Tariffs: Is the Worst Behind Us?" and "Benefits of Emerging Markets Diversification." IMPORTANT DISCLOSURES The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. 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. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. 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. 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...

As cryptocurrency makes its way into the investing mainstream, investors have lots of questions. In today's episode, Nate Peterson, director of derivatives analysis at the Schwab Center for Financial Research, joins host Mike Townsend for a timely discussion that covers cryptocurrency basics, how this technology could evolve, and how Washington is taking notice by moving forward on the first-ever crypto legislation. Nate explains cryptocurrency, stablecoins, the blockchain, and the opportunities for crypto to become a mainstream form of payment. Nate and Mike then discuss the rapidly evolving regulatory landscape in Washington, where Congress is considering multiple bills to create a regulatory framework that will provide clarity for the industry and increase confidence for investors. Finally, Nate shares his thoughts on how investors can get more educated on this rapidly evolving technology. Mike also shares his thoughts on the "One Big Beautiful Bill" now that it is the law of the land and provides updates on the next fiscal fights looming in Congress. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit Schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. IMPORTANT DISCLOSURES The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. ​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...

The One Big Beautiful Bill, the Republicans’ massive tax and spending package, has passed the House of Representatives, but now the Senate is making significant changes to the legislation. In this episode, host Mike Townsend takes a closer look at what’s in the bill and how it may affect taxpayers, investors, and the markets. He examines the key differences between the House-passed bill and the Senate version, discusses the most contentious issues that are still unresolved, and looks at the timing for getting the bill across the legislative finish line. He also shares his perspective on how the companies and the markets see some good things in the bill but are also concerned about the longer-term implications of rising budget deficits and increasing the national debt. WashingtonWise is an original podcast for investors from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction. Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options [LINK Risk Disclosure Statement for Futures and Options: https://www.schwab.com/Futures_RiskDisclosure] prior to trading futures products. 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...

Financial fraud is not new, but it evolves so quickly that it can be hard to keep track of the latest developments. Host Mike Townsend is joined on this episode by DJ Johnson, managing director of financial crimes risk management at Charles Schwab, for an informative discussion of what kinds of financial scams are proliferating now and how investors can protect themselves. DJ highlights how fraudsters are using new techniques with artificial intelligence and voice impersonation and describes some of the most common scams he's seeing right now, including synthetic identity fraud, options fraud, and scams involving foreign securities. Mike and DJ also discuss the particular vulnerability of senior investors. DJ shares some insights on how Schwab works to identify and deter fraud, and he offers some important common-sense tips on how listeners can keep informed, stay vigilant, and take steps to help ensure that they don’t fall victim to these increasingly deceptive scams. Mike also shares his perspective on the latest developments with two of the big issues percolating right now in Washington: the massive tax and spending bill now moving through the Senate and the ongoing uncertainty around tariffs. Check out SchwabSafe® for information on ways to protect yourself from cybercrime and how to report it if you suspect fraud. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options" before considering any option transaction. (0625-ZW4G)

On this episode of WashingtonWise, Liz Ann Sonders, chief investment strategist at Charles Schwab, joins host Mike Townsend for a wide-ranging discussion about what’s driven the wild swings in the market in 2025 and what’s on the horizon for the rest of the year. Liz Ann dives into the constantly evolving tariff and fiscal policies and how they are making it harder for companies to plan and for investors to know where things are headed. She shares her thoughts on the latest economic data, including jobs numbers, GDP, and inflation—and whether recession risk has eased in recent weeks. She also discusses the challenge facing the Federal Reserve as it tries to sort through conflicting signals. And she offers her thoughts on how investors can navigate this uncertain environment. Mike also provides an update from Washington on the ongoing negotiations as the House of Representatives tries to approve the massive bill of tax cuts and spending cuts and the $4 trillion increase in the debt ceiling. 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: Investors 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 by calling 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. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. 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. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. 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. 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...

The last several weeks have seen unusual market volatility, not just in the stock market but in the bond market as well. Fixed income investors have been struggling to make sense of the on-again, off-again tariff policy and its impact on the U.S. economy. In this episode, host Mike Townsend welcomes Collin Martin, director and fixed income strategist at the Schwab Center for Financial Research, for a robust discussion about how tariffs are impacting the bond market, companies, the economy, and the Federal Reserve's monetary policy decisions. Collin shares his perspective on where the Fed might be headed and whether the president's threats to fire Fed Chair Jerome Powell are undermining its independence. They also discuss the dollar and whether its position as the world's reserve currency is in jeopardy. And Collin offers his thoughts on where fixed income investors can find opportunities in this uncertain environment. In addition, Mike provides updates from Washington on the ongoing negotiations around the massive budget bill of tax and spending cuts and the president's recent proposal for government funding for the coming fiscal year, and he reflects on the 50th anniversary of a regulatory decision that paved the way for the accessible markets that investors enjoy today. 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: Investors 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 by calling 800-435-4000. Please read the prospectus carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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. 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. Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and < Name of Legal Entity, for e.g., Charles Schwab Investment Management, Inc., dba Schwab Asset Management> does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax. 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...

China and the United States are locked in an unprecedented trade war, with each imposing tariffs of more than 100% on the other’s imports. On this episode of WashingtonWise, host Mike Townsend is joined by Jeffrey Kleintop, Schwab’s chief global investment strategist, for an in-depth discussion of the trade war’s implications for investors, companies, consumers, and the economies of both countries. They discuss which parts of the U.S. economy are likely to be most affected, how quickly companies can relocate production and supply lines, and whether the goal of moving manufacturing back to the United States is achievable. They also touch on how China is avoiding tariffs, the implications for Taiwan’s critically important semiconductor production, and whether there is an endgame that allows both countries to declare victory. And Jeff shares his insights on where global investors can find opportunities. Mike also provides updates on the challenges that await Congress as lawmakers move to the next stage of crafting a massive bill of tax cuts and spending cuts, the latest on the debt ceiling deadline, and the escalating tensions between President Trump and Federal Reserve Chair Jerome Powell over interest rates and economic 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. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Past performance is no guarantee of future results, in and the opinions presented cannot be viewed as an indicator of future performance. Investing involves risk, including loss of principal. 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. ​Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions. Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. ​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. 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....

The administration's ever-evolving trade and tariff policy has sent the markets on a wild ride not seen in two decades. In this episode of WashingtonWise, host Mike Townsend dives into what's driving the administration's tariff agenda and how the markets are responding. He also considers the broader implications for the U.S. economy, the tricky task facing the Fed, and the struggle on Capitol Hill to move forward with the president's tax agenda. Stephanie Shadel, a senior wealth manager at Schwab, joins Mike to discuss what investors can do in the face of these unprecedented challenges. 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 information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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. 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 cannot protect against losses in a declining market. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. 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. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. 0425-H6F6

On this episode of WashingtonWise, Kathy Jones, Schwab's chief fixed income strategist, joins host Mike Townsend to discuss the numerous economic uncertainties plaguing the economy, including tariffs, rising inflation concerns, and the potential for a recession. They discuss the challenges facing the Federal Reserve, how changing international dynamics are impacting the dollar, and the reaction of the bond market to it all. Kathy shares her perspective on corporate bonds, municipal bonds, and international bonds and offers her insights on how fixed income investors can navigate this volatile environment. Mike also discusses recent legislative developments in Washington, including the continuing resolution Congress just passed to avoid a government shutdown and the challenge Congress now faces as the House and Senate work to align their budget and tax plans. He also shares his thoughts on the significant changes occurring at the SEC under the new administration. 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: Investors 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 by calling 800-435-4000. Please read the prospectus carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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 cannot protect against losses in a declining market. Tax‐exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax‐exempt status (federal and in‐state) is obtained from third parties, and Schwab does not guarantee its accuracy. Tax‐exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Past performance is no guarantee of future results, and the opinions presented cannot be...

As tariffs moved from threats to reality, the markets reacted swiftly, giving back all of the gains since Election Day and then some. But tariffs are just one of the concerns for companies and investors alike. Kevin Gordon, director and senior investment strategist with the Schwab Center for Financial Research, joins host Mike Townsend to dive into the current state of the markets amid growing uncertainty due to tariffs and their inflationary effects, the implications of immigration policy on the labor market and economic growth, the impact of federal workforce changes and the spillover to local governments, the increasing risks of a recession, and the daunting challenges facing the Fed as it works to balance maximum employment and price stability within a rapidly changing policy landscape. And Kevin shares thoughts on what to focus on when considering what types of companies belong in a portfolio. Mike offers insights on the ongoing struggle in Congress to avoid a government shutdown, new government policies on crypto currency including the creation of a Strategic Bitcoin Reserve, and the latest on the efforts on Capitol Hill to craft a massive legislative package to implement the president's policy agenda. 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: Investors 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 by calling 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. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. 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. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. ​Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a...

Investors are growing concerned as the markets begin to react to the rapid changes coming out of Washington now that Donald Trump has returned to the White House. In this episode of WashingtonWise, host Mike Townsend is joined by Daniel Stein, manager of two branches in Virginia, to discuss how investors can combat the anxiety they feel over tariff threats, federal workforce reductions, inflation, and market volatility. The conversation also highlights the importance of being prepared for unexpected events, such as a job loss or natural disasters, and how to take control of your finances. Dan shares his insights on how to navigate these challenges and how professional guidance can help smooth the process. Mike also shares his perspective on the latest steps in Congress to lay the groundwork for a massive tax and spending bill, the implications of recent executive orders on independent regulatory agencies, and the potential impact on the markets if tariff threats turn into tariffs actually taking effect. Mike emphasizes the importance of investors having a clear understanding of the evolving political landscape in order to navigate these turbulent times. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts. IMPORTANT DISCLOSURES: The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. 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. Supporting documentation for any claims or statistical information is available upon request. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. 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...

Tariff announcements have been coming fast and furious out of the White House, but are they more bark than bite? In this episode of WashingtonWise, host Mike Townsend is joined by Jeffrey Kleintop, Schwab's chief global investment strategist, to consider the implications of recent tariff announcements and their impact on the markets. They explore how tariffs are influencing investor sentiment, the potential for inflation, and the broader effects on global trade relationships, particularly with Canada, Mexico, China, and the European Union. Mike and Jeff also discuss the role of central banks in managing economic stability amidst these changes and the emerging competition in artificial intelligence between the U.S. and China. And Jeff offers strategies that investors who are concerned about tariffs might consider. Mike also shares his perspective on Federal Reserve Chairman Jerome Powell's recent appearances on Capitol Hill, the dismantling of the Consumer Financial Protection Bureau, and the potential creation of a U.S. sovereign wealth fund. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts IMPORTANT DISCLOSURES: The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Investing involves risk, including loss of principal. 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. ​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. Small cap investments are subject to greater volatility than those in other asset categories. Currency trading is speculative, volatile and not suitable for all investors. 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. 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. Supporting documentation for any claims or statistical information is available upon request. ​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,...

The first days of the Trump administration saw a barrage of executive actions that left investors scrambling to make sense of it all. While the equity market reacted positively, the bond market was decidedly more mixed. In this episode of WashingtonWise, host Mike Townsend is joined by Collin Martin, director and fixed income strategist at Schwab, to delve into the complexities of the bond market and explore the recent volatility in yields, the Federal Reserve's balancing act with interest rates, and whether political pressures could influence monetary policy. They discuss the implications of rising deficits, the role of bond vigilantes, and the impact of natural disasters on municipal bonds. And Collin offers strategies for fixed income investors in a fluctuating market. Mike also provides updates on other key developments in Washington, including the latest on the debt ceiling, how a flurry of activity by the new administration and Congress increases the likelihood of cryptocurrency-related legislation this year, and the changing scope of the new “DOGE”–the Department of Government Efficiency. 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: Investors 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 by calling 800-435-4000. Please read the prospectus carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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. 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. Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and Schwab Center for Financial Research does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 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...

Republicans have full control of Washington and an ambitious policy agenda that will affect every investor and could spark market volatility. But narrow margins in Congress might slow Donald Trump's hopes for a quick start. On this episode, host Mike Townsend examines just how much of the enormous agenda could come to fruition and how long it might take. He looks at key personnel, from leaders on Capitol Hill to Trump's choices for financial roles in his administration to changes at the Federal Reserve, and explores how these individuals will shape the agenda. Mike also explains "budget reconciliation," the critically important parliamentary process that Republicans hope to use to pass their priorities. Then he looks at the current state of play for four critical issues the market is watching: the debt ceiling, tariffs, taxes, and Fed monetary policy. And he shares Schwab's guidance for investors when there is so much uncertainty ahead. 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 information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. ​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 strategies do not ensure a profit and do not protect against losses in declining markets. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. 0125-HDRR

While most investors are thrilled with 2024's market performance, many are also anxious about the future, particularly with the uncertainty of how the incoming administration's policies could impact the markets. On the final WashingtonWise episode of the year, host Mike Townsend is joined by Kevin Gordon, Schwab's senior investment strategist, to discuss why the markets are more attuned than usual to the policy and political environment, and how investors should position themselves for a potential increase in market volatility in 2025. Mike and Kevin break down five major policy issues—immigration, tariffs, taxes, the budget deficit, and deregulation—and how the markets are thinking about the potential changes that could emerge from President-elect Trump and the Republican-controlled Congress. Kevin also offers his thoughts on how investors should approach 2025. Check out the 2025 outlook article from Kevin and Liz Ann: "U.S. Stocks and Economy 2025 Outlook." 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: Investors 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 by calling 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. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. 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. Supporting documentation for any claims or statistical information is available upon request. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Rebalancing does not protect against losses or guarantee that an investor's goal will be met. Rebalancing may cause investors to...

With the 2024 election in the rearview mirror, host Mike Townsend takes an in-depth look at the key policy debates that are coming in 2025 and the difficulties the incoming administration will have turning broad campaign promises into reality on Capitol Hill. Mike explores how razor-thin majorities in Congress and economic realities may necessitate compromise on four big policy issues that will dominate 2025 and impact every investor: tariffs, taxes, the debt ceiling, and deregulation. Mike also provides updates on non-election news out of Washington, including the Federal Reserve's most recent rate cut and efforts to preserve its independence; the odd dynamic of the post-election session of Congress and the looming deadline to fund government operations; and changes for 2025 to retirement savings contribution limits. Check out this IRS press release for more information on changes to (401)k and IRA contributions for 2025. 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 information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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. Investing involves risk, including loss of principal. 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. Small-cap stocks are subject to greater volatility than those in other asset categories. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. 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. ​Environmental, social and governance (ESG) strategies implemented by mutual funds, exchange-traded funds (ETFs), and separately managed accounts are currently...

Fixed income investors are likely focused on two big early November events: the presidential election and the Federal Reserve’s monetary policy decision. On this episode, host Mike Townsend is joined by Collin Martin, a fixed income strategist at the Schwab Center for Financial Research, for a timely conversation on how bond markets typically react to elections, how investors who are anxious about the election can use bond strategies to lock in good rates and help limit volatility in their portfolios, the outlook for another rate cut by the Fed, and why there may be opportunities now for investors interested in longer-duration bonds. Collin offers his perspective on corporate bonds, high-yield bonds, and Treasury Inflation-Protected Securities, or TIPS. Mike shares what he will be watching for on election night, as well as an update on the IRS inflation adjustments to key provisions of the tax code, including individual income tax brackets and the estate tax. Mike also references this recent IRS publication on inflation adjustments to key tax provisions. 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 Investors 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 by calling 800-435-4000. Please read the prospectus carefully before investing. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. 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 cannot protect against losses in a declining market. Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the U.S. 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 U.S. Government and may be adjusted for inflation to become the greater of either the original face amount at issuance or that face amount plus an adjustment for inflation. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should...

For more than 89 years, almost every person who has taken home a paycheck has paid into the Social Security program. Many people rely on this benefit to help support their life in retirement. However, mistakes and misconceptions abound. On this episode, host Mike Townsend welcomes Susan Hirshman, a director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research, for an important discussion about the need for people of all ages to be more focused on the facts versus emotions about the Social Security system, especially when it comes to the health of the program and when and how Congress may move to shore it up for decades to come. Susan discusses how to get the most out of Social Security and how the strategies can be very different depending on your circumstances. Mike and Susan also look at some of the most common Social Security­–related scams and how to avoid them. And Mike provides his latest thoughts on the state of the election with less than three weeks to go before Election Day. 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 information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information. Supporting documentation for any claims or statistical information is available upon request. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Schwab Wealth Advisory™ ("SWA") is a non‐discretionary investment advisory program sponsored by Charles Schwab & Co., Inc. ("Schwab"). Schwab Wealth Advisory, Inc. ("SWAI") is a Registered Investment Adviser and provides portfolio management for the SWA program. Schwab and SWAI are affiliates and are subsidiaries of The Charles Schwab Corporation. 1024-ZWE1

Everyday investors are inundated with troubling news from around the world, but it’s hard to know what the impact could be on the U.S. economy and markets. Jeff Kleintop, Charles Schwab’s chief international strategist, joins host Mike Townsend to dive into China’s struggling economy, actions by central banks around the globe, trade concerns, elections in over 80 countries and the impact on policies, and what it all means for investors. Mike looks at how the recent continuing resolution passed by Congress avoided a government shutdown but pushes the funding deadline to December 20 and into the hands of the "lame duck" session when Congress returns after the elections. Mike also looks at the bipartisan decision by the SEC to move to half-cent pricing on some stocks, and he shares insights on the latest efforts in Congress to provide a better regulatory structure and more protection for investors when it comes to cryptocurrency. WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise. If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts Important Disclosures The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions. Data herein is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed. Supporting documentation for any claims or statistical information is available upon request. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Investing involves risk, including loss of principal. 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. 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. Currency trading is speculative, volatile and not suitable for all investors. Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. ​This information is not intended to be a...