Janet Henry sees the US as a relative winner due to energy exports and AI leadership. The Fed is unlikely to cut further; inflation may peak then plateau. The UK faces tougher fiscal dynamics and slower growth. The Bank of England won't need to raise rates. She expects a broadly firmer dollar and a weaker euro.

Anouk argues that volatility is becoming normalized, with clients increasingly resilient. While Europeans initially rotated capital out of the US, strong US earnings (20% growth vs 10-15% for Europe) have reaffirmed US equity dominance. Europeans are now investing more but retain a home bias. AI-driven supply constraints (compute, power, labor) are inflationary in the near term, but could become disinflationary later.

Vania argues the Fed under Kevin Warsh is undergoing a regime change to regain control over inflation, using new tools like reserve requirements. High stock valuations are a key inflation driver via wealth effects. The UK has suffered from negative productivity shocks (financial crisis, Brexit) and high taxation, making it less competitive than the US. Deglobalization contributes to inflation but is not the main issue yet.

Ambassador Talwar argues the war started on faulty assumptions that Iran was weak. Iran emerged in a stronger strategic position. The MOU is not a good deal: it reopens the Strait for 60 days, allows Iran to collect fees, and gives upfront sanctions relief, undercutting US leverage for nuclear talks. The US has lost credibility on force and oil sanctions. Morocco remains stable but is concerned about Iran's stronger position.