Analyst: The US-Iran agreement does not mean a complete return to the pre-conflict world

He pointed out that although the agreement is a positive development for risk and has triggered a strong rebound in global stock markets, oil prices remain above February levels and inflation risks have not disappeared overnight. He noted that even after the agreement, the market is still reflecting expectations of about a 15 basis point rate hike by the Federal Reserve. "This indicates that investors do not view the agreement as a complete macro reset," Munnelly said, adding that investors remain more cautious regarding inflation, labor market resilience, and central bank decision-making.