Markets are in “wait-and-see mode” for the FOMC minutes today, says Karen Manna. She thinks 10-year bonds will be rangebound between 4-4.25 for now, with 1-2 cuts ahead for the rest of the year. She discusses how fixed-income portfolios may fare in 2026 and contrasts Powell vs Fed Chair nominee Warsh. Karen also looks at corporate bonds vs mortgage-backed securities.