Nomura expects Fed to pause in December as labour market stays firm

November 12, 2025
-FXnews

Nomura bucks consensus, sees Fed holding steady in December

Nomura now expects the Federal Reserve to leave interest rates unchanged at its December 9–10 meeting, arguing that recent indicators still point to a resilient labour market despite the government shutdown’s disruption to official data releases.

In a note to clients, the bank said Chair Jerome Powell’s unexpectedly hawkish tone at the October press conference reinforced its view that the Fed is likely to pause after two consecutive cuts

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