Wells Fargo – U.S. Economic Outlook, Jan 2026

This report provides the economic outlook for the United States as of January 2026.

It focuses on monetary policy, labor market conditions, inflation trends, and forecasted Federal Reserve actions. Key findings include the end of Jerome Powell's tenure as Fed Chair, a slightly weaker labor market with near-zero private sector job growth, improving inflation data with core CPI down to 2.6%, and expectations for two 25 basis point rate cuts in March and June 2026. The report also highlights risks to the forecast and anticipates firmer economic growth in spring and summer 2026.