📰 NOMURA EXPECTS FED TO START RATE CUTS IN SEPT 2023 AFTER REACHING TERMINAL RATE OF 3.50-3.75% IN FEB 2023 NOMURA EXPECTS ECB TO HIKE RATES BY 175 BPS BY MARCH 2023, THEN EXPECTS A 25 BPS RATE CUT IN JUNE 2023 AS POTENTIAL RECESSION DRAGS ON