Nomura’s Global Economic Outlook argues weaker nonfarm payrolls and a cooler-than-feared CPI have put the Fed ‘back in play’ sooner than expected. Economists pull forward the timing of the next rate cut and see additional easing if disinflation persists. The note highlights labor rebalancing and slowing shelter inflation as key drivers. Risks include tariff-related pass-through and fiscal uncertainty affecting confidence and demand.