[Nomura Securities Predicts Two Fed Rate Cuts This Year, Each by 25 Basis Points] Nomura Securities' latest forecast indicates that the Federal Reserve may cut interest rates by 25 basis points in both October and December 2025, revising its previous expectation of a single rate cut in December. Additionally, Nomura predicts that the Fed will continue with three more rate cuts of 25 basis points each in March, June, and September 2026 to address changes in the economic environment.