Online reports that Goldman Sachs expects that tomorrow's Federal Reserve's January interest rate decision will not provide any new information. The FOMC is likely to acknowledge signs of stabilization in the labor market in a statement, but is unlikely to provide forward-looking guidance for policy action in March. Tariffs are expected to lead to a mild, one-time rise in inflation that the Fed may ignore. Historically, Fed officials have downplayed the inflationary impact of tariffs and focused more on the potential GDP impact. Goldman Sachs expects two 25-basis point rate cuts in 2025, one in June and the other in December, and another in 2026.