Schwab (SCHW -1.6%) is downgraded to Hold at UBS. "We are not convinced about broad-based re-risking into equities." The stock has had a big run higher, boosted by thoughts of retail's return to stocks, but also helped by the chance of rising rates. Schwab has been losing a relative fortune subsidizing clients in money market funds. A 3% Fed Funds rate would do wonders for profits.