MUFG said it did not expect much change in the text of the FOMC's statement in January from December, and that the FOMC was still expected to be satisfied with guidance that "the committee will carefully evaluate the latest data, the evolving outlook, and the balance of risks as it considers the magnitude and timing of additional adjustments to the target range for the federal funds rate". The four-person voting committee was replaced this time. The new voting committee was Goolsby, Collins, Musalem and Schmid, and the overall balance of the Hawk and Dove was not much changed. The economic data were mixed, and the FOMC may want to maintain the status quo in terms of market expectations for future policy changes from the Federal Reserve. With tariffs not yet implemented, the FOMC is not expected to become more hawkish until trade tariffs are announced.