[Nomura Securities Warns of Market Turbulence Following Appointment of New Fed Chair] Nomura Securities has issued a warning, predicting that the new Federal Reserve Chair, set to take office in May next year, will lead a rate cut in June. However, strong opposition within the Fed, driven by the U.S. economic recovery, may resist further rate cuts. Policy disagreements could undermine market confidence in the new Chair and potentially heighten tensions between the Federal Reserve and the Trump administration. Nomura anticipates that uncertainty will intensify between July and November next year, potentially triggering a "flight from U.S. assets" trend. This could result in declining U.S. Treasury yields, a correction in U.S. equities, and a weakening dollar. Meanwhile, major global economies may halt rate cuts or even begin a rate hike cycle, diminishing the relative advantage of dollar-denominated assets.