Nomura Research revises its Fed call.

"We revise our near-term Fed call as follows:

A 50bp rate hike in March.

Two 25bp rate hikes in May and June to a terminal rate of 5.50-5.75%. Previously, we had expected one more 25bp rate hike in March to a terminal rate of 4.75-5.00%.

Our expectation for the first cut is unchanged at March 2024.

We maintain our view that balance sheet reduction will continue until March 2024," Nomura adds.