In this episode, Kathy Jones announces that she will be retiring soon and that Collin Martin, Schwab’s Head of Fixed Income Research, will take over as co-host of On Investing. Liz Ann and Kathy also discuss the latest bout of volatility caused by future concerns around AI.

Then, Kathy is joined by Claudia Sahm, former economist for the Federal Reserve, former economist for the White House Council of Economic Advisors, and now chief economist for New Century Advisors. Kathy and Claudia discuss the path forward for the Federal Reserve, in terms of setting policy. They cover the state of the labor market, certain issues regarding the quality of the data produced, and the potential impact of AI on labor supply, among other issues.

You can keep up with Claudia Sahm her on her Substack newsletter called “Stay-at-Home Macro.”

On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.

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Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

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.

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The Fed’s Balancing Act for 2026 (With Claudia Sahm)