Japanese broker Nomura says it no longer expects the U.S. Federal Reserve to cut interest rates again in 2025, following its recent reduction and caution around the economic outlook. Previously, Nomura forecast one more cut this year; now it anticipates the next rate cut in March 2026. The firm noted that weak data and internal dissent at the Fed, along with the U.S. federal government shutdown impairing information flow, are key constraints on further easing.