In the Schwab 2026 Mid-Year Market Outlook, Charles Schwab's Liz Ann Sonders talks about the rise in S&P 500 (SPX) 2026 earnings, due in part to AI strength. However, she says that growth has raised expectations and risks. An inverse relationship between the 10-year Treasury yield and S&P 500 performance plays a role in Liz Ann’s cautious stance. She also outlines her concerns on what inflation, AI, and tariffs mean for the Fed and its interest rate outlook.