Assets

• Cross-assetTwo big crosscurrents are moving markets, according to this week's published research: a hawkish Fed is driving the dollar and US yields higher, while progress on an Iran ceasefire is draining the war premium out of…
• GoldGold's outlook splits cleanly by time horizon: tactically cautious, strategically bullish.
• SilverSilver is split, not settled: published research this week offers a sharply bearish near-term call against a strongly bullish long-term thesis, with no middle ground.
• PlatinumPlatinum's 2025 rally looks like it's running on fumes, according to recently published research arguing prices could fall below $1,250/oz in 2026.
• CopperCopper: published research is unusually one-sided right now — every recent take leans bullish, with none of the usual dissent.
• OilPublished research this week leans bearish on crude, with most analysts arguing Brent and WTI face sustained downward pressure now that the US-Iran ceasefire and reopening of the Strait of Hormuz have stripped out the…
• Natural gasNatural gas: the published research lean is broadly bullish, though not unanimously.
• BitcoinBitcoin: the short term is contested, the long term less so.
• US equitiesUS equity research leans constructive overall, but near-term caution and pockets of valuation risk are getting louder.
• European equitiesEurope's stock outlook is leaning bearish today, on both a tactical and structural read.
• US bondsUS Treasury yields look set to grind higher across the curve, according to a strong majority of recently published research.
• EU bondsEuropean rates look set to stay high, according to the bulk of recently published research.
• EUR/USDNear-term research views on EUR/USD lean bearish, even as one strategic call stands out as firmly bullish on a multi-year horizon.

Macro

• Macro themesTwo stories are driving global markets right now: a fragile US–Iran ceasefire and a sharply more hawkish Federal Reserve under new Chair Kevin Warsh.