According to Jinshi Data, economists at Nomura Securities said that the Federal Reserve's loose policy will lower the threshold for Asian central banks to cut interest rates, but not all central banks will follow the Fed's footsteps.

Nomura expects the Philippine central bank to cut rates in August instead of October, and Indonesia's central bank to cut rates in September instead of February next year. The Bank of Korea may start cutting rates from October as its concerns about rising housing prices have replaced concerns about foreign exchange. The Reserve Bank of India is expected to cut rates in October ahead of schedule, and Thailand and Malaysia will keep their policy rates unchanged in 2024-2025, but the Bank of Thailand may cut rates in the fourth quarter.