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March 13, 2025 34 mins

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.

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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,

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