• ¼ cup loose Earl Grey tea or 4 bags
• ½ cup honey
• 4 sprigs thyme
• 2 sprigs rosemary, plus more for garnish
• 1 cup fresh lemon juice
• 1½ cups bourbon
• ½ cup Cognac or brandy
• 1 teaspoon orange or regular bitters
• Ice ring and lemon wheels (for serving)

Combine tea and 1¼ cups boiling water in a heatproof bowl. Let steep 5 minutes, then strain through a fine-mesh sieve into a measuring glass (you should have 1 cup). Let cool.

Meanwhile, bring honey, thyme, 2 rosemary sprigs, and ½ cup water to a gentle simmer over medium heat, stirring to combine. Let cool; discard herbs.
Combine tea, honey syrup, lemon juice, bourbon, Cognac, and bitters in a large pitcher or punch bowl. Add 2 cups ice and stir until ice is melted and punch is very cold.

Serve punch in tumblers filled with ice, garnished with rosemary sprigs and lemon wheels.