Muni credit: strong ratings and rainy-day funds

What should investors expect from the U.S. economy next year? What will happen in the equities markets and fixed income markets? On this 2026 Market Outlook episode,  Liz Ann Sonders, Schwab's chief investment strategist, speaks with Kevin Gordon, head of macro research. Liz Ann and Kevin discuss their perspective on the direction of the U.S. economy and stock market. She and Kevin cover the K-shaped recovery, inflation trends, the impact of AI on capital expenditure, and the implications of fiscal stimulus on federal debt.

Then, Liz Ann Sonders discusses the equities outlook for 2026, focusing on consumer confidence, the impact of the presidential election cycle, and the potential for volatility. Finally, Kathy Jones is joined by Cooper Howard and Collin Martin for the outlook on municipal bonds, corporate bonds, U.S. Treasuries, and the overall fixed income markets.

You can read all of Schwab's 2026 Market Outlook reports on our website:

• Read Cooper Howard's 2026 Municipal Bond Outlook.
• Read Collin Martin's 2026 Corporate Credit Outlook.
• Read Kathy Jones's 2026 Treasury Bonds and Fixed Income Outlook.
• Read Liz Ann Sonders and Kevin Gordon's 2026 Stocks & Economic Outlook.
• Read Michelle Gibley's 2026 International Stocks & Economy Outlook.

On Investing is an original podcast from Charles Schwab.

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