Nomura has switched sides! Going from a dovish stance to directly betting that the Fed will hike 25 bps in September and another 25 bps in December—this face turn is faster than the market. Core inflation’s rebound has stalled; Jackson Hole is hawkish again; even the most unshakable people can’t sit still anymore. After two rate hikes, how long can the lofty valuations in crypto and U.S. stocks hold up? Friends, are your positions ready for winter?