Step 1

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.

Step 2

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.

Step 3

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.

Step 4

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

Step 5

Do Ahead: Syrup and tea can be made 3 days ahead; cover separately and chill. Punch can be made 1 day ahead; cover and chill.