Aditya Bhave expects three rate hikes in 2026, with a July move in play. He argues the Fed is behind the curve: core inflation is 60bp higher than a year ago while the policy rate is 75bp lower. Labor tightening is not a prerequisite for hikes. He sees upside risks to inflation and a solid labor market.
explicit
implicit
RUT
implicit
Metals
USD
Bank of America
8.8
Investment Bank $3040.00B
Aditya Bhave 8.0
Investment Bank $3040.00B
Aditya Bhave 8.0
6/29/2026 6:28:09 PM
ndx
Aditya's hawkish Fed view (rate hikes) would tighten financial conditions and likely pressure growth/tech valuations in the near term, implying a cautious downside for NDX.
wti
Aditya does not discuss oil, but his macro view of a resilient economy and Fed tightening suggests oil demand remains stable while geopolitical risks (Iran) are seen as fading, implying sideways.
yields
We expect three rate hikes in 2026, a July move is in play. The Fed is offside: core inflation 60bp higher, policy rate 75bp lower.
Ajay Rajadhyaksha argues the AI capex cycle is durable and not a bubble, with demand from hyperscalers providing clarity through 2027. Earnings are broadening beyond tech into industrials and healthcare. He is bullish but nervous, upgrading 2026 earnings forecasts reluctantly. He sees the Fed as unlikely to derail the cycle with modest rate hikes.
implicit
implicit
RUT
implicit
Metals
USD
Barclays
9.0
Investment Bank $1600.00B
Ajay Rajadhyaksha 8.5
Investment Bank $1600.00B
Ajay Rajadhyaksha 8.5
6/29/2026 6:28:09 PM
ndx
Ajay is bullish on AI-driven earnings growth, sees broadening beyond hyperscalers, and argues the cycle is durable through 2027. He upgraded 2026 earnings forecasts. This implies a positive view on tech and NDX over the medium term.
wti
Ajay does not discuss oil directly, but the broader context of the show treats Iran tensions as a fading issue (75% of Deutsche Bank survey sees it diminishing). This implies a sideways view on WTI.
yields
Ajay acknowledges the Fed may hike 25-50bp but argues it won't derail the economy. He notes the long end rallied after the hawkish FOMC. This suggests a cautious upward bias on yields in the near term.