New York Life's Global Market Strategy Team reviews three market-moving developments: a U.S.-Iran interim agreement easing oil supply tail risk, a hawkish Fed hold at 3.50 - 3.75% with markets pricing an October hike, and the ongoing wave of AI-related private-market IPOs testing concentration risk. The team favors U.S. allocations for full-year outperformance, a more dovish Fed path than consensus, quality over momentum in AI, and neutral duration with a focus on short-maturity income.