Nomura: Trump wants rate cuts, but all he is getting is 'credibility cuts'

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Gareth Nicholson of Nomura says the Federal Reserve is facing the 'toughest challenge' yet as stagflation risks are rising due to tariffs. He sees the 30-year treasury yields reaching 5% and rotation trade out of U.S. markets will continue.

Gareth Nicholson of Nomura says the Federal Reserve is facing the 'toughest challenge' yet as stagflation risks are rising due to tariffs. He sees the 30-year treasury yields reaching 5% and rotation trade out of U.S.

markets will continue..