New York, Jan 12, 2026, 14:29 (EST) — Regular session
- Goldman Sachs shares rose 0.6% in afternoon trading ahead of earnings set for Jan. 15
- Markets are reacting to new pressure on the Federal Reserve alongside Trump’s plan for a 10% cap on credit-card interest rates
- Traders are focused on Tuesday’s U.S. CPI report, with bank earnings set to start rolling in this week
The Goldman Sachs Group, Inc. (GS) shares climbed 0.6% to $944.73 in Monday’s afternoon trading. So far, the stock has fluctuated between $927.40 and $945.86 during the session.
Investors are grappling with two Washington shocks at once: the Trump administration’s threat to indict Federal Reserve Chair Jerome Powell, and President Donald Trump’s push for a one-year cap on credit card interest rates. “We need see some type of action before the market will actually react,” said Jordan Rizzuto, chief investment officer at GammaRoad Capital Partners. Adding to the pressure, fourth-quarter earnings season kicks off this week — JPMorgan Chase reports Tuesday — alongside the U.S. consumer price index release. (Reuters)
Goldman’s chief economist Jan Hatzius said the investigation threatens to put Fed independence “under the gun,” but he still expects the central bank to base its decisions on economic data. He also pushed back Goldman’s forecast for rate cuts, now expecting them in June and September rather than March and June. (A basis point equals one-hundredth of a percentage point.) (Reuters)
Trump said the 10% cap would begin on Jan. 20, though Wall Street analysts argue that a nationwide cap requires congressional approval and faces steep challenges. Credit card interest rates average around 19.65%, according to consumer finance firm Bankrate. (Reuters)
Goldman shareholders should mark Thursday as the next key date. The bank intends to release its fourth-quarter results around 7:30 a.m. ET on Jan. 15, with a conference call set for 9:30 a.m. ET. (Goldman Sachs)
Goldman is all about deal flow and the markets, trading more on confidence than loan growth. When Fed news breaks, rates react immediately — and brokers pick up on it fast.
Investors on the earnings call will zero in on whether advisory and underwriting fees continued to bounce back as M&A activity picked up again. Trading results will also draw attention, particularly in equities amid rising volatility.
Expenses will factor in, too. The street’s tolerance for rising costs runs thin, even when the tape looks strong.
The bigger risk this week might lie beyond the banks. Should the Fed’s independence come under greater strain or Tuesday’s inflation data overshoot expectations, longer-term Treasury yields could surge, tightening financial conditions and posing a challenge for risk assets and dealmaking.
Goldman held close to the day’s peak despite card-focused lenders bearing the brunt of the rate-cap news. That could change quickly if policy discussions shift toward draft legislation.
Coming next: Tuesday’s CPI report and the initial batch of big-bank earnings. Goldman kicks things off with results due Jan. 15, while investors keep a close eye on any updates about the proposed credit-card cap before Jan. 20.
