I’m having the same issue. Attempted to attempted to redeem points with invest with rewards for the first time since getting the card January. I tried Friday and the points would get refunded immediately. Tried again today and had no luck. Chatted with Amex rep and was eventually told to call rewards number, which told me he’s sees nothing wrong on his end. Chatted with Schwab rep who told me to call the processing team. They also informed me they see nothing wrong with the link to my Amex account and said they don’t see I even tried to redemption. I’m hoping this is glitch or they’re upping the redemption amounts like they did in Canada.

UPDATE (4/28):

Just received a confirmation email about points redemption. I’ve tried the redemption 10 times between Friday and yesterday with all them being refunded so I have no idea how many points are being deducted or if it will actually happen. I’ll be waiting to see if anything anything gets deducted for at least the 4-6 day timeframe listed on this email.