Here's your summary from Nomura's Nicholson: See two Fed cuts this year (https://www.youtube.com/watch?v=bqU3iCrvJFA) on the Bloomberg Television channel:

### TLDR:

The Fed is expected to cut rates twice this year, leading to volatility in bonds but not impacting the strong trend in equities.

### Key Points:

1. The Fed is likely to cut rates twice this year, with potential volatility in bonds but minimal impact on equities.

2. Inflation numbers are becoming more important than the Fed's projections, with strong labor markets dictating potential changes.

3. Money in deposits will need to shift as rates come off, leading to a rotation into more risky assets like bonds or equities.

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