The beginning part of this week will bring the last few active trading days of the year. The biggest items on the calendar include Federal Reserve Chair Janet Yellen’s speech today and the Electoral College officially electing Donald Trump as the next U.S. president. On Tuesday, the Bank of Japan meets and is expected to keep rates unchanged. On Thursday, we’ll see third-quarter gross domestic product (GDP) data, which is expected to have grown 3.3%.
Last week's widely expected Fed interest rate increase and the rise in expectations from two to three rate hikes for 2017 captured most of the headlines. The economic data continues to remain solid and many expect fiscal stimulus to boost growth in 2017.
I expect markets to continue to grind in their most recent directions in the last few weeks of the year.
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