Collin Martin (@CharlesSchwab) sees one more interest rate hike from the Fed with a second "very likely" before the end of 2026. He outlines his case for further hikes and offers a closer look into the "junk bond" market, which has seen more interest during the AI buildout. Alexandra Semenova makes the case the rate hiking cycle will be a shallow one but expresses concerns for waning market breadth. She also discusses the 10-year Treasury yield hitting 5% after rising for seven consecutive months. That said, strong earnings and economic growth don't flash warning signals yet.