[Nomura: The Federal Reserve Remains Highly Sensitive to Inflation Volatility] Matthew Pallai, Chief Investment Officer at Nomura Capital Management, stated that the Federal Reserve tends to adopt a more dovish stance when the labor market deteriorates but remains highly sensitive to inflation volatility. He is focused on the potential sustained price pressures caused by tariffs and immigration policies and noted that unexpected inflation increases could exacerbate volatility in stock and corporate credit valuations.