[Nomura Securities Changes Stance, Expects Fed to Cut Rates by 25 Basis Points in December] According to Jintou Data, Nomura Securities has adjusted its previous forecast, now predicting that the Federal Reserve will cut rates by 25 basis points at its December policy meeting. Nomura pointed out that there have been sufficient dovish signals recently, making a 'risk management-style rate cut' a reasonable choice, though it emphasized that there remains significant uncertainty surrounding the December policy decision. It is expected that four hawkish members will oppose the rate cut, while Milan supports a 50 basis point rate cut. Additionally, Nomura forecasts that under the leadership of a new Fed chair in 2026, rate cuts of 25 basis points may occur in both June and September.