Factbox-Major brokerages divided over Fed's December rate decision following jobs data

(Reuters) -Global brokerages remain split on whether the U.S. Federal Reserve will cut interest rate at its December meeting or keep policy unchanged, as mixed signals on job growth and unemployment last week clouded the economic outlook.

Morgan Stanley, J.P.Morgan and Standard Chartered have dropped expectations for a December rate cut. Deutsche Bank, Citigroup, Wells Fargo and HSBC still anticipate a quarter point-reduction, but note the odds of a hold have risen sharply.

Here are the forecasts from major brokerages for December policy meeting:

Brokerage  December policy Fed Funds Rate (end

meeting of 2025)

Citigroup  25 bps 3.00-3.25% (March

  2026)

Wells Fargo 25 bps 3.50-3.75%

Goldman Sachs  25 bps 3.50-3.75%

J.P.Morgan   No cut 3.75-4.00%

Barclays 25 bps 3.50-3.75%

Nomura No cut 3.75-4.00%

Morgan Stanley No cut 3.75-4.00%

Deutsche Bank 25 bps 3.50-3.75%

BofA Global No cut 3.75-4.00%

Research 

BNP Paribas 25 bps 3.50-3.75%

HSBC 25 bps 3.50-3.75%

Standard No cut 3.75-4.00%

Chartered

Macquarie 25 bps (by Q1 3.50-3.75%

2026)

UBS Global 25 bps 3.50-3.75%

Research

* UBS Global Research and UBS Global Wealth Management are distinct, independent divisions in UBS Group

(Compiled by the Broker Research team in Bengaluru)