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On Investing

On Investing

By: Charles Schwab
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Summary

 From market moves to the latest economic news, On Investing looks below the surface of the headline data to bring you fresh insights on what's happening and why—and what the implications are for your portfolio. Hosted by Schwab's Chief Investment Strategist Liz Ann Sonders and Collin Martin, Head of Fixed Income Research, On Investing is a weekly update featuring a variety of Schwab experts and special guests sharing their insights on equities, fixed income, macroeconomic issues, and more. Find it at Schwab.com/OnInvesting or wherever you get your podcasts. Podcasts are for informational purposes only. This channel is not monitored by Charles Schwab. Please visit Schwab.com/ContactUs for contact options. (0326-K136)2026 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. Unauthorized access is prohibited. Usage will be monitored. Economics Personal Finance Politics & Government
Episodes
  • How Macro Forces Shape Credit Markets (With Winnie Cisar)

    How Macro Forces Shape Credit Markets (With Winnie Cisar)
    May 1 2026
    The Federal Reserve faces a pivotal moment: the transition from Jerome Powell as Fed chair to Kevin Warsh, with Powell opting to remain at the Fed as a governor. Collin Martin and Liz Ann Sonders discuss what Warsh’s confirmation signals for future Fed policy, noting his interest in reshaping how the Fed communicates with markets—potentially scaling back press conferences, reducing the emphasis on dot plots and projections, and encouraging less frequent public commentary from Fed officials. Then, Collin Martin is joined by Winnie Cisar, global head of strategy at CreditSights. She provides an in‑depth look at the current state of corporate credit markets. Winnie explains how her team blends macroeconomic signals, such as inflation trends, labor market data, and central bank policy, with bottom‑up company analysis to form credit views. Cisar highlights how the structure of credit markets has evolved since the financial crisis, with risk increasingly spread across high-yield bonds, leveraged loans, and private credit. These shifts, along with increased debt issuance from banks, technology firms, and utilities, have contributed to an overall improvement in index‑level credit quality, even as risks have migrated to less transparent parts of the market. Finally, Collin and Liz Ann look ahead to next week’s upcoming economic indicators and data releases. On May 1, in honor of National Investing Day, the Schwab coaching team will be hosting a special day of educational events. You can learn more about those at schwab.com/coaching. 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 Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Past performance is no guarantee of future results. 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. 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. 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. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. 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 (0526-ABDG) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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    46 mins
  • Debt, Deficits & the Fed’s Next Move

    Debt, Deficits & the Fed’s Next Move
    Apr 24 2026

    In this episode, Schwab’s Chief Investment Strategist Liz Ann Sonders and Head of Fixed Income Research and Strategy Collin Martin reflect on the questions they’re hearing most from investors—dominated by geopolitical risks, rising oil prices, inflation, and growing anxiety about U.S. debt and deficits. They explain why concerns about a “tipping point” for Treasuries or the dollar have not shown up in historical data—and why demand for Treasuries remains resilient even as issuance grows.

    The conversation turns to the Federal Reserve, including what to watch in upcoming congressional hearings for Kevin Warsh and how inflation pressures complicate calls for lower rates or a smaller Fed balance sheet. Liz Ann and Collin also revisit the 60-40 portfolio debate, arguing that shifting inflation dynamics and the end of the “Great Moderation” require more nuanced diversification than simple stock‑bond splits.

    They close with a look at the Fed’s near‑term focus on inflation over employment, key data releases like core PCE (Personal Consumption Expenditures) and consumer sentiment, and why investors should be cautious about overreacting to headline payroll numbers that are often heavily revised.

    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 Disclosures

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

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

    Past performance is no guarantee of future results.

    Investing involves risk, including loss of principal.

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

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

    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.

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

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

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

    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

    (0426-6VN9)


    Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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    22 mins
  • Why Corporate Earnings Matter for Stocks, Bonds & the Fed

    Why Corporate Earnings Matter for Stocks, Bonds & the Fed
    Apr 17 2026
    Earnings season kicks off with a mixed but generally constructive signal for markets, as Liz Ann Sonders and Collin Martin examine what corporate profits reveal about macroeconomic and market health. While equity investors tend to focus on near‑term earnings growth, Collin emphasizes that bond markets care more about long‑term cash flows and companies' ability to service debt. Aggregate corporate profits remain strong when viewed through broad measures like NIPA profits (National Income and Product Accounts), supporting investment, employment, and overall financial stability, even as borrowing costs drift higher due mainly to rising Treasury yields rather than widening credit spreads. Beneath that positive backdrop, however, stresses are emerging in lower‑quality areas of the market. Collin highlights ongoing weakness among the riskiest high‑yield borrowers, where interest coverage ratios remain below sustainable levels, raising the risk of defaults if rates stay elevated. Liz Ann connects this theme to equity markets, noting a shift toward profitability and balance‑sheet strength, particularly a reversal in small‑cap performance, where profitable companies are now outperforming non‑profitable "zombie" companies. At the same time, earnings estimates have begun to deteriorate, with negative revisions concentrated in the near term and strength increasingly isolated to a small group of large-cap technology companies. While markets appear to be betting on a resolution to the Iran conflict, risks remain tied to oil prices, inflation expectations, and consumer health, especially among lower‑income households. Finally, Collin and Liz Ann discuss which key economic data to watch in the coming weeks. You can read the article "Gambler's Blues: Betting Isn't Investing" on Schwab.com. 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 Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Small-cap stocks are subject to greater volatility than those in other asset categories. Small-Cap Company Risk. Small-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and their securities may be riskier than those issued by larger companies. The value of securities issued by small-cap companies may be based in substantial part on future expectations rather than current achievements and their prices may move sharply, especially during market upturns and downturns. In addition, small-cap companies may have limited financial resources, management experience, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies. Further, small-cap companies may have less publicly available information and such information may be inaccurate or incomplete. 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. 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. High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may ...
    Show More Show Less
    30 mins
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