PremiumThe US-Iran deal and restored energy flows through the Strait of Hormuz have meaningfully reduced one of the largest sources of macro uncertainty for global markets.But, as Goldman Sachs strategist, Dominic Wilson, and chief FX & EM strategist, Kamakshya Trivedi detail below (full note available here for pro subs), with oil-price tail risks curtailed and inflationary pressures easing, attention has shifted to Fed policy, resilient cyclical growth, and - most acutely - the tension between a friendly fundamental backdrop and already-elevated valuations, particularly in AI-related assets.1. Oil, Fed and AI.