Michelle Gibley analyzes the BOJ's rate hike to 1% while continuing bond purchases as a mixed signal; the weak yen suggests the market expects more aggressive tightening. She notes China's domestic weakness and declining EM index weight, while Korea and Taiwan gain on AI chip demand. Elevated expectations for SK Hynix and other chipmakers create vulnerability to disappointment.

Mike Townsend discusses the Iran MOU, noting enthusiasm but missing details and Congressional desire for a vote. He expects the Fed's first FOMC under Kevin Warsh to be drama-free, but focuses on potential shifts in communication style: Warsh may signal moving away from press conferences after every meeting and from the dot plot, which could alter market expectations over time.