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.