Charles Schwab (SCHW) CEO says seeing record levels of interest in fixed income; Brokerage is blocking unauthorised AI agents

Commentary of this kind from a retail brokerage chief is the standard colour that accompanies results or investor-day appearances, and it carries two distinct threads. Record client interest in fixed income is the pattern that has historically appeared when policy rates sit at elevated levels and cash migrates out of sweep vehicles into bonds and brokered CDs to lock yield; the tell in prior episodes has been whether the shift shows up as genuine net new assets or merely internal cash sorting, which changes its read-through for net interest revenue and deposit costs. The second thread, blocking unauthorised AI agents, is newer: retail platforms have been moving to restrict third-party automated tools that access client accounts with user credentials, citing security and liability, and the established sequence is quiet technical blocks first, then formal terms-of-service language, then possible regulatory engagement on credential sharing and agent liability. What distinguishes this from routine commentary is the combination, balance-sheet-sensitive flow trends alongside an unresolved structural question about who controls client access in an agentic model. Follow-ons worth noting are disclosures on sweep balances and cash sorting in the next reporting cycle, and whether peers adopt similar restrictions, which would mark this as an industry posture rather than a single firm's stance.