Investors are weighing a lot of different scenarios right now, says Empower's Marta Norton

• Market volatility is influenced by oil prices, rising yields, and changing Fed policy expectations.
• Despite geopolitical conflict, the S&P 500 remains less than 5% from its highs, with strong earnings supporting valuations.
• Analysts are less concerned about the economy's ability to handle $90-100 oil, but more focused on interest rates and persistent inflation impacting equity multiples.
• The Fed's economic projections suggest inflation will normalize by 2027, and economic growth expectations have been revised higher, aligning with a view that oil price spikes can be 'looked through'.

The discussion centers on market volatility driven by geopolitical conflict, rising oil prices, and shifting monetary policy expectations. While some concerns persist regarding inflation and interest rates, the overall sentiment suggests markets are currently priced appropriately, with robust earnings supporting valuations despite multiple compression. The Fed's stance on looking through oil price spikes is noted as a key factor.