Nomura expects the Federal Reserve to cut interest rates by 100bps in 2024.

Nomura forecast Friday that the U.S. Federal Reserve will cut interest rates by 100 basis points in 2024 and reduce the pace of balance sheet cleanup in June before ending quantitative tightening in December.

“We expect Friday’s personal consumption expenditures (PCE) report to show core PCE of $3 million to $6 million annually, below the Fed’s 2.0% target,” Nomura analysts said.

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