WashingtonWise

All eyes were on the Fed in the first half of 2024, but with core PCE holding steady and no rate cuts, how did the other parts of the economy and the markets fare? In this midyear episode, Schwab experts look ahead to the second half of 2024 to consider what investors might expect from the U.S. stock market, the global markets, and policy and politics in Washington D.C.First, Liz Ann Sonders and Kevin Gordon discuss the current trends and bifurcations in the equity market. They highlight the significant spread between large-cap and small-cap performance, with the S&P 500® outperforming the Russell 2000. They also discuss the divergence within large-cap stocks, particularly in the growth trio of tech, communication services, and consumer discretionary sectors. The conversation emphasizes the concentration of performance in a small number of major drivers, such as Nvidia, Microsoft, Meta, and Amazon. They also touch on the bifurcation between index-level gains and weaker member-level performance in the NASDAQ. The conversation concludes by noting the relationship between market bifurcations and broader economic trends.Next, Liz Ann interviews Jeffrey Kleintop, Schwab's chief global strategist. Their conversation covers the global economic outlook, China's market performance, central bank policy, geopolitical risk, election risks, and asset allocation. Jeff discusses the recovery in the global manufacturing sector, China's stock market performance, central bank rate cuts, geopolitical developments, and the importance of international diversification.Finally, Kathy Jones interviews Mike Townsend, Schwab's managing director of legislative and regulatory affairs and the host of the WashingtonWise podcast. They discuss the legislative agenda for the second half of the year, the upcoming presidential election, the regulatory agenda, and the battle for control of Congress. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThe 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.All corporate 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. Investing involves risk, including loss of principal.Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.Small cap investments are subject to greater volatility than those in other asset categories. 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.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.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.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.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 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 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.Schwab does not recommend the use of technical analysis as a sole means of investment research.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.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Spotify and the Spotify logo are registered trademarks of Spotify AB.The Global Manufacturing Purchasing Managers Index (PMI) is a survey-based indicator of the economic health of the global manufacturing sector. The PMI index includes the major indicators of: new orders, inventory levels, production, supplier deliveries and the employment environment.The MSCI EAFE Equal Weighted Index includes the same constituents as the MSCI EAFE Index (large and mid-cap securities from Developed Markets countries around the world excluding the US and Canada), with an alternative weighting scheme where at each quarterly rebalance date, all index constituents are weighted equally.London Stock Exchange Group plc (LSEG) is a United Kingdom-based stock exchange and financial information company headquartered in the City of London, England. It owns the London Stock Exchange, Refinitiv, LSEG Technology, FTSE Russell, and majority stakes in LCH and Tradeweb.(0624-8NYZ)

In the first half of 2024, though the markets are doing well, inflation is cooling, unemployment is near record lows, and the economy is strong, there continues to be an undercurrent of anxiety among investors. That's likely due to the sense that there are a lot of uncertainties out there, including the Fed's rate-cut timing, the looming election, potential tax changes, the nation's rising debt load, and more. On this episode, Daniel Stein, who manages three Charles Schwab branches, joins host Mike Townsend for a wide-ranging discussion about investor concerns and offers solid suggestions for navigating them. Dan also provides strategies for building a bond portfolio to capture today's strong rates while also planning for rate changes in the future, shares insights on where to look for potential opportunities spurred by the growing interest in artificial intelligence, and offers ideas for how investors can position themselves in anticipation of potential tax code changes in 2025.In his Washington update, Mike discusses bills moving through Congress to create a regulatory framework for cryptocurrency and to discourage the Fed from launching a central bank digital currency. He also provides an update on a setback for the SEC, which saw a new rule for hedge funds rejected by the courts.For more reading on one of the topics discussed on today's episode, see the Schwab Center for Financial Research's latest deep dive into the implications of large federal deficits and the growing national debt: "Deficits, Debt, and Markets: Myths vs. Realities."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 DisclosuresThe 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.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.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.Currency trading is speculative, volatile and not suitable for all investors.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.Roth IRA conversions require a 5-year holding period before earnings can be withdrawn tax free and subsequent conversions will require their own 5-year holding period. In addition, earnings distributions prior to age 59 1/2 are subject to an early withdrawal penalty.A bond ladder, depending on the types and amount of securities within the ladder, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio.  As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances.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 programInvestment Research for Schwab Investing Themes™ is provided by Charles Schwab Investment Management, Inc. (“CSIM”). CSIM is an affiliate of Charles Schwab & Co., Inc. (“Schwab”). Both CSIM and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.Schwab Investing Themes is for informational purposes only; it is not intended to be investment advice (including fiduciary advice as defined under the Employee Retirement Income Security Act or the Internal Revenue Code) or a recommendation of any stock. Neither the tax-loss harvesting strategy, nor any discussion herein, is intended as tax advice and 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.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 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.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Spotify and the Spotify logo are registered trademarks of Spotify AB.0624-7YJZ

During more than a decade of near-zero interest rates, many investors got used to low returns from boring bonds. But bonds are exciting again, providing investors with predictable real income and stability. So where do bonds fits in today’s portfolio? Collin Martin, director and fixed income strategist at the Schwab Center for Financial Research, joins host Mike Townsend for an engaging discussion about how the “income” is back in “fixed income.” They discuss Treasuries, corporate bonds, high-yield bonds, the Fed outlook, and whether bonds are now more attractive than stocks. Collin shares his thoughts on how investors should be thinking about potential fixed income opportunities. In Mike’s updates from Washington, he discusses a new report on the health of the Social Security and Medicare programs, provides context to a recent government report on how much it would cost to extend the 2017 tax cuts set to expire next year, and highlights a government effort to ban futures markets where investors can bet on the presidential election outcome and other events.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 PodcastsImportant DisclosuresInvestors 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.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.Currency trading is speculative, volatile and not suitable for all investors.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.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.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.​An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.0524-2SE2

There has been a flurry of geopolitical developments in recent weeks, from Congress passing a massive foreign aid bill to Cabinet members visiting China to India's elections. But the one that has grabbed the most attention―at least among your kids―is the potential banning of Chinese-owned TikTok. Jeff Kleintop, Schwab's chief global investment strategist, joins host Mike Townsend to discuss the implications of these developments for investors and to answer the question of whether TikTok really could be banned. Jeff also explores whether aid to Ukraine could change the course of its war with Russia, whether China's flooding of global markets with goods could impact U.S. inflation, and how shipping challenges are affecting the delivery of goods around the world. He weighs in on India's massive growth and shares his thoughts on how investors can take advantage of potential global opportunities.In his Washington update, Mike discusses the politics around the foreign aid bill and why the congressional legislative agenda is looking thin in the months ahead. He also provides perspective on next year's looming battle over tax reform and shares news of a recent IRS decision that directly impacts anyone who has recently inherited an IRA.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 PodcastsImportant DisclosuresThe 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.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.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. 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, 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.(0524-003A)

The Fed says its decisions are data-driven, but recent data on inflation, jobs, and other key economic metrics don't seem to be offering a consistent message. Kevin Gordon, Schwab's senior investment strategist, joins host Mike Townsend to go below the headline data and look at what the Fed is watching as it continues to fight sticky inflation and make decisions on rate cuts. They discuss what impact the reduced expectations for rate cuts in 2024 night be having on the market and whether the sky-high federal debt is contributing to stubborn inflation. Kevin also looks at the state of investor sentiment in a time of uncertainty, explains why the so-called Magnificent Seven may not be so magnificent anymore, and offers some thoughts on why the old "sell in May and go away" adage may not be the best investing strategy in 2024.   Mike also discusses the ongoing battle in Congress over foreign aid and how priorities have shifted; looks at how lawmakers are positioning themselves for a massive policy battle over the expiring 2017 tax cuts; and observes that the regulatory process in Washington is increasingly being played out in the courts.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 PodcastsImportant DisclosuresThe 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.Currency trading is speculative, volatile and not suitable for all investors.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.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 cannot be invested in directly. For more information on indexes, please seeSchwab.com/IndexDefinitions.Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.0424-XZLE

Medicare is one of the toughest federal programs to navigate, a maze of confusing choices, odd deadlines, and potential penalties. Yet it's critically important for everyone, even if you're just starting out in your career, to understand it. On this episode, Susan Hirshman, director of wealth management at the Schwab Center for Financial Research and a Medicare expert, joins host Mike Townsend to help demystify Medicare for listeners. Noting that almost everyone pays into Medicare from their very first job, Hirshman discusses how Medicare needs to be part of your financial plan throughout your life—not just right before you turn 65. She shares insight on the key choices and deadlines in Medicare, how to determine which Medicare option is right for you, the importance of long-term care insurance and health savings accounts to supplement Medicare, and how to avoid common mistakes. Mike also shares his latest updates from Washington, including the president's new budget proposal, the recent vote in the House of Representatives that could lead to banning the popular social media app TikTok, and the court battle that has put a temporary stop to the SEC's controversial new climate risk disclosure rule.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 PodcastsImportant DisclosuresThe 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.Interest income on individual municipal bonds may not be tax-exempt, depending on the bond issuer, the type of bond, or your state of residence. Interest income on bonds issued by U.S. states, cities, counties, their enterprises, and U.S territories is generally federal-tax-exempt, and state-tax-exempt for residents of the state in which the issuer resides. In addition, municipal bond interest for bonds issued in U.S. territories is generally state-tax-exempt in all 50 states. Consult your tax advisor regarding your personal situation.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.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 cannot be invested in directly. For more information on indexes, please seeSchwab.com/IndexDefinitions.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.(0324-SV74)

The presidential election and its impact on the markets loom large among investors' concerns. Mike Townsend tapped the resources of Schwab's Center for Financial Research to answer client questions, including the role of third-party candidates; what happens if either of the main candidates leaves the race; and how the markets, as well as individual sectors, typically perform in the run-up to the election and immediately afterward. Mike also looks at historical market correlations with election outcomes, explains why the Congressional elections may be more important to the markets than the presidential race, and offers key takeaways for how to keep emotions in check and approach this election season.In other Washington updates, Mike discusses the possibility of a government shutdown as the federal budget remains unfunded more than five months after the start of this fiscal year. He also looks at two bills that seem to be on hold, the $95 billion foreign aid bill and the tax bill that would expand the Child Tax Credit and extend some business tax breaks. And he offers an update on two rules approved by the SEC, one requiring public companies to offer more information to investors about risks they could encounter from climate change and another that brings more transparency to the equities-trading process.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 PodcastsImportant DisclosuresThe 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.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 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. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see Schwab.com/IndexDefinitions.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.(0324-PA0H)

Bonds can be intimidating. While many investors regard them as a necessary component of a balanced portfolio, that doesn't mean they have a good understanding of how they work. When U.S. bonds struggled to their worst performance ever in 2022, investors naturally were spooked. But in 2024 bonds offer attractive yields and can present opportunities to investors. In this episode, Mike is joined by Cooper Howard and Collin Martin, two fixed income strategists from the Schwab Center for Financial Research, to help investors gain a better understanding of the special language of bonds, the pros and cons of investing in bond funds versus individual bonds, and the important role of the Fed and the Treasury Department in the bond market. They also share perspective on what investors can expect from the bond market in 2024.Mike also checks in on what's happening in Washington, including the turmoil in Congress that is preventing any forward progress on multiple issues, how that paralysis could lead to a government shutdown in early March, the recent flip of a House seat, and ongoing resignations that will change the face of 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 DisclosuresInvestors 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.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.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.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.Neither the tax-loss harvesting strategy, nor any discussion herein, is intended as tax advice and 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.Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance.(0224-LTFR)

From China's economic woes and tensions with Taiwan, to escalating fighting in the Middle East and the disruption of shipping routes, to central banks keeping interest rates high, there is no shortage of anxiety about geopolitical risks. On today's episode, host Mike Townsend is joined by Jeffrey Kleintop, Schwab's chief global investment strategist, to look beyond the worrisome headlines to see how economies around the globe are doing and what's driving their markets. Jeff shares his perspectives on China's slowdown, the implications of Taiwan's recent election on U.S.-China relations, and the ongoing conflict in the Middle East, including how attacks on container ships in the Red Sea are impacting the global supply chain. He also discusses the messages being sent by central banks around the world, why Japan may offer investors an alternative to areas of geopolitical risks, and why investors need to keep an eye on international opportunities despite the headlines.Mike also looks at a rare bipartisan tax bill that has cleared the House, the politics surrounding the Senate's border security package, and the Federal Reserve's hints about when it may pivot to cutting interest rates.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 PodcastsImportant DisclosuresThe 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.Diversification 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 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. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeSchwab.com/IndexDefinitions.(0224-J5J1)

With the S&P 500® and Dow Jones Industrial Average hitting record highs recently, the bear market is officially over. But is this momentum sustainable? Schwab Senior Investment Strategist Kevin Gordon joins host Mike Townsend to dig into the latest economic data and discuss some potentially worrisome signals as well as signs of improvement. They also preview the upcoming Fed meeting and the outlook for rate cuts in 2024, discuss how rolling recessions are starting to become rolling recoveries, and remind investors why they should not let this year’s presidential election become an investing distraction. And Mike provides an update on the latest from Washington, where lawmakers again barely averted a government shutdown, there is surprising bipartisan support for a tax bill, and the SEC reluctantly approved the first Bitcoin exchange-traded funds.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 PodcastsImportant DisclosuresThe 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.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 riskLower rated securities are subject to greater credit risk, default risk, and liquidity risk.Small cap investments are subject to greater volatility than those in other asset categories.​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 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 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.​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.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.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.Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeSchwab.com/IndexDefinitions.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.​ 0124-FF5J

For investors, 2024 has more than its share of unknowns, including what steps the Fed and other central banks will take, the direction of ongoing wars in Ukraine and the Middle East, and how elections both in the U.S. and more than 60 countries around the world will play out. These unpredictable factors can lead to volatility in the markets and anxiety for investors, which can contribute to poor decisions. One way for investors to navigate a challenging environment is to understand how fund managers make decisions when facing uncertainty. On today’s episode, host Mike Townsend talks with Omar Aguilar, CEO and chief investment officer at Schwab Asset Management, about how fund managers keep their emotions in check when volatility increases. They discuss how to diversify when it feels like every investor is invested in the same small number of companies, what to watch for in the first quarter earnings season, and whether now is the time to put some cash that has been earning decent returns back into the market. They also talk about how staying invested, staying diversified, and staying disciplined are critical to reaching your investing goals during times of market stress.Mike also provides updates from Washington on the latest talks to avert a looming government shutdown and the president’s request for emergency aid for Ukraine, Israel, and other global priorities.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 PodcastsImportant DisclosuresThe 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.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 riskLower rated securities are subject to greater credit risk, default risk, and liquidity risk.Small cap investments are subject to greater volatility than those in other asset categories.​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.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.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.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.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, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see Schwab.com/IndexDefinitions.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB.(0124-4D1K)

With 2023 winding down, it’s important for investors to take stock of their financial plan, consider strategies to minimize taxes, and begin looking for opportunities in 2024. Host Mike Townsend is joined by Daniel Stein, who manages two Schwab branches in Virginia, to discuss what investors are most concerned about right now, some key end-of-year planning strategies for investors to consider, and how to think about some of the uncertainties facing the markets next year. Dan provides practical suggestions on minimizing taxes by using tax-loss harvesting and other techniques; the importance of creating an estate plan or revisiting the one you have to help ensure it still fits your evolving circumstances, along with some specific strategies for estate planning; and taking a longer-term view on fixed income investing. He also discusses Schwab’s 2024 market outlook.  Mike also provides updates on the latest news out of Washington, including the negotiations over a major aid package for Ukraine and Israel, next week’s Fed meeting, and a decision by the IRS to delay a controversial new tax reporting requirement for payment apps and e-commerce platforms.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 PodcastsImportant DisclosuresThe 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.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 riskLower rated securities are subject to greater credit risk, default risk, and liquidity risk.A bond ladder, depending on the types and amount of securities within the ladder, may not ensure adequate diversification of your investment portfolio. This potential lack of diversification may result in heightened volatility of the value of your portfolio.  As compared to other fixed income products and strategies, engaging in a bond ladder strategy may potentially result in future reinvestment at lower interest rates and may necessitate higher minimum investments to maintain cost-effectiveness. Evaluate whether a bond ladder and the securities held within it are consistent with your investment objective, risk tolerance and financial circumstances.Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.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.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.Neither the tax-loss harvesting strategy, nor any discussion herein, is intended as tax advice and 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.Roth IRA conversions require a 5-year holding period before earnings can be withdrawn tax free and subsequent conversions will require their own 5-year holding period. In addition, earnings distributions prior to age 59 1/2 are subject to an early withdrawal penalty.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.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.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeSchwab.com/IndexDefinitions.Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.(1223-3MFL)

In today’s globally interconnected financial world, fraud and scams are all too common, and anyone can become a victim. On this episode of WashingtonWise, host Mike Townsend talks with DJ Johnson, head of Financial Crimes Risk Management at Charles Schwab, about the ever-evolving fraud landscape and how you can protect yourself. They discuss the scope of the problem, the most frequently used ploys, and how fraudsters are using the latest technology, including artificial intelligence, to dupe even savvy investors. They also talk about what Schwab does to protect its clients from fraud and offer practical steps every investor should take to protect themselves and their finances.Mike also reports on the latest efforts to avert a government shutdown in Washington, offers an update on the state of the 2024 election one year out, and provides his perspective on this week’s meeting between President Biden and President Xi Jinping of China.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 PodcastsImportant DisclosuresThe 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.All corporate 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. Investing involves risk, including loss of principal.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. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.(1123-36TC)