Barry expects the Fed to lose its easing bias at the upcoming meeting, with a rate hike possible early next year. The front end of the curve has repriced sharply, but the long end has not fully repriced to reflect the more hawkish direction. He sees the intermediate sector of the US curve as 20-25 bps too low. Money market fund AUM is likely to remain sticky, as it typically takes the Fed cutting below 2% to see money flow out. He also notes that high-grade corporate debt is becoming a substitute for Treasuries as pension funds are well-funded.

Sonders sees a broadening out trade happening with fits and starts, not linearly. She believes there will be continued rotations providing leadership outside mega-cap tech, though a large-cap bias remains. On energy, she cautions that lower oil prices don't represent a significant tailwind for the economy or inflation, as AI-driven pressures are also at play. For the Fed under Warsh, she expects no definitive announcements but will watch for comments on balance sheet, press conference frequency, dot plot, and SEP.

Hooper believes the FOMC will be far more concerned about inflation than weakening growth. She expects them to eliminate their easing bias and discuss what could trigger a rate hike, potentially as soon as this summer. She sees vulnerabilities in the economy, with the top 10% of consumers responsible for 50% of spending. The equity market has not yet reacted negatively to the possibility of a hike, but multiple headwinds (downward earnings revisions plus a hike) could be problematic. She also sees risks in the AI trade, with investors becoming more discerning about financing.

Damodaran values SpaceX at an enterprise value of ~$1.2 trillion, roughly half its current market cap. He describes it as a three-business company (space launch, satellite internet, AI) loosely tied together by space. The AI business is the biggest swing factor, but much is unknown—costs, competition, and business models are still in flux. He argues traditional valuation metrics are almost useless here; investors must tell a story about the future and accept they will be wrong.

Merrill focuses on demand-driven asset classes like student housing, senior housing, medical properties, and self-storage, which are resilient through cycles. He notes that 15-20% of colleges may go out of business, so they focus on public universities with growing enrollment. On senior housing, 80,000 people turn 80 every month, and supply is not keeping up, creating a significant undersupply in 3-6 years. Higher rates have choked off supply, which helps existing assets. DPI (distributions to paid-in capital) is the new IRR.

Reese explains that Roku CEO Anthony Wood got a very favorable deal from Fox, including a board seat and a tax-free structure, with 55% of voting power committed, giving him no reason to walk away. She sees a favorable market for consolidation in streaming, with Netflix likely a contender if the Fox deal falls through. She highlights Roku's ACR data and advertising infrastructure as key assets, and notes that performance marketing is where the industry is heading.