Following the short trading week that saw one of the worst performances during a Thanksgiving period, we continue to expect short-term volatility – in both directions – as the retest and bounce process plays out. This week, there is significant economic data along with the FOMC Minutes from the November meeting, and two speeches from Fed Chair Powell, and Vice-Chair Clarida. We will be looking for signs in the data, the minutes and the speeches for hints of a pause in the upside of Fed Policy. We have likely entered the period where the markets will like softer economic data rather than positive economic data, as it will decrease the chances of a Fed rate hike in December and beyond.
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