This Treasury dealer just slashed its Fed interest-rate forecast on the eve of the FOMC decision

It felt like it would be off to the races on Tuesday after the weaker-than-expected consumer price data, though it didn’t quite end up that way. While futures on the Dow Jones Industrial Average rose as much as 1019 points in the immediate aftermath of the CPI data, the blue chip index DJIA ended higher by just 96 points.

Economists at Nomura, however, looked at the November CPI data showing a deceleration to a 7.1% year-over-year rate, and slashed their terminal Fed view by 75 basis points, down to a range of 4.75% to 5%….