Chris Kennedy assesses the Iran-US conflict as a protracted low-level conflict, not a ceasefire, with both sides calibrating strikes to avoid escalation. He notes Iran is hardening demands, linking a deal to Israel's actions in Lebanon. On US politics, he sees President Trump's influence as still powerful within the Republican base despite low approval ratings, and views the Maine Senate race as a key risk for Democrats with an insurgent candidate.

Michael McKee analyzes the May inflation print, noting it is running ahead of wage growth (4.2% vs 3.4%), causing real earnings to fall. He argues the Fed cannot cut rates with inflation at these levels, making the upcoming meeting a challenge for new Chair Kevin Warsh. He suggests that while tariff-driven goods inflation is easing, energy and potential food inflation will keep pressure on prices.

David Fortunato discusses Wealthfront's performance, noting assets grew to $99B. He observes that investor sentiment fell steeply in March but recovered by May. Clients are focused on global diversification and tax-loss harvesting via direct indexing. He sees the main competitor as 'under-consumption of financial services' and notes the average new client is 25 years old, actively earning and saving.