The bond market reacted sharply to comments from Japan’s BOJ Governor Ueda, hinting that a rate hike may be on the table later this month. But when you look at the chart below, it’s wild to see that Japan’s benchmark rate has been sitting at –0.10% since 2016, only nudging up into positive territory this year now sitting at just 0.50%. Even the suggestion of a move spooked global bond markets.

Meanwhile, the rumor mill is spinning at home: a new Fed Chair has reportedly been identified, but the name is still under wraps. Jerome Powell’s term officially runs through May 16, 2026, but expectations are growing that he may step down earlier.

On the consumer side, Black Friday smashed records $12B in spending, up 9% from last year. How much of that is inflation versus consumers simply shifting more purchases online is still unclear, but shoppers definitely showed up.

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