YTD returns across major U.S. asset classes continue to reflect a highly concentrated market.

The minutes of the December Fed meeting showed that the majority of FOMC representatives allow for further interest rate cuts next year, provided that inflationary pressures gradually ease.

Choppy trading is likely today due to low liquidity and several support and resistance levels located close to the current price.

GBP/JPY moves little amid holiday-thinned trading.

Global macro signals heading into the new day point to steady but uneven growth across regions, with inflation generally easing and policy turning more supportive into 2026.