Nomura's chief economist George Buckley dropped an interesting take on the Fed drama unfolding right now. Even if the White House manages to install a fresh face in the chair, getting the board to green-light more than two rate cuts next year? That's gonna be a tough sell.

This comes right after the President publicly pushed for cheaper money following this week's FOMC gathering. Classic tension between Pennsylvania Avenue and the Eccles Building. The reality check here is that Fed governors operate on data and mandates, not presidential tweets. Buckley's essentially saying: don't bet on a dovish wave just because someone new sits at the head of the table.

For markets banking on aggressive easing in 2026, this might require recalibrating expectations.