Goldman Sachs has indicated that the upcoming U.S. nonfarm payrolls report for December 2025 is unlikely to significantly alter market expectations for Federal Reserve rate cuts unless the data presents a major surprise. The bank anticipates a payroll increase of about 70,000, aligning with market expectations. Current market pricing suggests two 25-basis-point rate cuts this year, with the first expected in late April. Goldman Sachs notes that a nonfarm payrolls figure between 70,000 and 100,000 would be favorable for equities, supporting a narrative of gradual economic slowing without inflation concerns. However, a figure below 50,000 could raise fears of a sharp economic slowdown, while a figure above 125,000 might delay the anticipated rate cut to June.