Mike Wilson argues the bull market is intact and earnings-driven. He expects a rotation from semiconductors into pro-cyclical areas like regional banks and consumer goods, inspired by lower oil prices. He notes liquidity is decelerating, which could lead to a summer correction, but doesn't see it killing the bull market.

George Goncalves argues inflation has peaked, driven largely by oil shocks, and that rates have likely seen their highs for 2026. He expects a bond rally, a removal of the easing bias, and a potential window for rate cuts by year-end. He is skeptical of a second wave of higher oil prices and believes the labor market is not as strong as perceived.

Adam Posen expects Chair Warsh to be non-committal but predicts a shift to a neutral bias. He argues there is a lot more inflation in the pipeline from tariffs and migration lags, making rate hikes inevitable in late 2026/early 2027. He believes Warsh will prioritize his central banker legacy over political pressure.

Eric Rosengren expects Chair Warsh to prioritize a communications regime change, emphasizing less forward guidance and fewer speeches. He believes Warsh will seek to de-emphasize the dot plot and redraft the statement to be factual. Rosengren cautions that less communication during a period of regime change could be challenging.