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