Bob Michele expects the Fed to be forced into action by September, with 1-2 maintenance hikes possible. The 10-year Treasury is fairly valued in a 4.125%-4.625% range. Global capex from energy security, defense, and AI will sustain growth. Hyperscaler debt is being absorbed well. Emerging markets have shown resilience.

Tani Fukui sees international trade linkages as 'a concern' but not broken. The consumer is strong in aggregate, with low debt service ratios. AI is a net positive for productivity over 3-5 years, but the path is not smooth. The new Fed chair's close-to-the-vest communication style may backfire in the social media era.

Chris Marangi sees the market as being in a bubble 'everywhere somewhere,' still mid-innings. He favors sports teams as stores of value and sees value in small-cap stocks. He discusses Comcast's split, media consolidation, and the importance of live content as a new moat.

Ellen Wald argues the Sunni-Shia split is becoming less politically important. Gulf states feel abandoned by the US on Strait of Hormuz security and may build pipelines to bypass it. Oil flows will not return to normal; a more expensive 'ferry service' model is emerging. China's demand is uncertain, which could lead to a glut if it doesn't return.