[Nomura Expects Fed to Pause Rate Cuts in December] Nomura Securities expects the Federal Reserve to maintain interest rates unchanged in December and notes that despite the U.S. government shutdown affecting the release of official data, recent indicators show the labor market remains resilient. Nomura mentioned in its report that Fed Chair Powell's tough stance during the October press conference supports this view. The pause in rate cuts may trigger political pressure, with President Trump expected to criticize the decision, arguing that it limits economic growth in the election year.