The Dow Jones Industrial Average (DJIA) churned in the midrange as investors await the latest interest rate decision from the Federal Reserve (Fed). Nobody at the Fed or in the markets expects interest rates to move from their 3.5-3.75% range for January. Instead, investors are looking ahead to see whether any Fed officials will signal a faster pace of rate cuts than the Federal Open Market Committee (FOMC) expects. According to the Fed’s own dot plot of interest rate expectations, Fed officials see a single rate cut in 2026 and one more in 2027. According to rate futures markets, rate traders are pricing in at least two rate cuts by the end of 2026.