[Nomura: The Fed will only cut interest rates by 25 basis points next year, compared to the previous forecast of 100 basis points] According to Golden Finance, David Seif, chief economist for developed markets at Nomura Securities, responded to the question of what Trump's trade policy means for the Fed. His answer is as follows: "We believe that Trump will quickly impose tariffs, which will lead to inflation, and by the end of 2025, the US inflation rate will rise by about 0.75 percentage points. Therefore, we believe that the Fed will only cut interest rates by 25 basis points in 2025 (in March), while our previous forecast was 100 basis points."