**[Nomura Changes Stance, Expects Fed to Cut Rates in December]** Jin10 Data, December 8 – According to foreign media reports, Nomura Securities has joined the ranks of global peers in reversing its previous expectation that the Federal Reserve would keep rates unchanged in December. It now believes the Fed will cut rates by 25 basis points at its December policy meeting. However, Nomura also stated that there remains significant uncertainty surrounding the policy decision in December. Nomura revised its December rate cut forecast for the Fed, citing that there are sufficient dovish signals to justify further "risk management-style rate cuts" for the Fed's centrists. Nomura expects four hawkish members to oppose the rate cut decision, while Milan is expected to take a dovish stance and support a 50 basis point rate cut. Nomura continues to forecast that in 2026, under the leadership of a new Federal Reserve Chair, the Fed will cut rates by 25 basis points in both June and September.