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Opinion: Beware that after the new Federal Reserve Chair takes office, the "positive news" may be exhausted, and uncertainties will likely erupt intensively from July to November.
Nomura Securities warns that the new Federal Reserve Chair is expected to lead interest rate cuts starting in June next year, but may face internal opposition due to the economic recovery. This could weaken market confidence in the new Chair and trigger tensions with the Trump administration. Market uncertainty is expected to rise from July to November, potentially leading to a flight from U.S. assets, affecting U.S. Treasuries, U.S. stocks, and the dollar.