David Sief of Nomura believes Fed Governor Warsh is likely the most dovish member of the 19-person Federal Open Market Committee.

The Federal Reserve has operated as a "de facto dictatorship of the chair" for the past 50 years, in contrast to the Bank of England's "one person, one vote" model.

Nomura forecasts a 0.2% increase in the upcoming core inflation print, with a higher probability of a 0.1% reading than a 0.3% reading.

The current inflation is a result of the economy overheating, driven by significant, price-insensitive demand from hyperscalers for chip-related products that is outstripping supply.

Nomura forecasts that the upcoming Federal Reserve dot plot will likely show several members projecting one or two interest rate cuts for the current year.

The current year is on track to be the sixth consecutive year with inflation above the Federal Reserve's target.

Nomura expects the year-over-year Core PCE inflation rate for May to rise to 3.4%, up from the current 3.3%.