In the previous trading week, a flood of data bombarded markets, encompassing CPI, PPI, retail sales, and multiple Central Bank announcements. However, as the holiday season approaches, this week is notably quieter. Earnings announcements dominate, though without major market-moving names. Notably, the Bank of Japan's upcoming announcement on interest rates could impact the weakening yen.

Regarding economic data, recent trends show a slight GDP slowdown, currently standing at 5.2%. Thursday's release of GDP figures could sway the market. Equally significant is Friday's core PCE price index, crucial to the Fed's inflation watch. A sustained low index could maintain a lower inflation rate, potentially influencing the Fed's rate policy. With markets at all-time highs, an inverted yield curve, and persistent uncertainties, factors like inflation, FOMC actions, and GDP results are critical drivers of volatility.

This week's focus includes sparse economic reports and earnings, while the Bank of Japan's rate decision and Friday's core PCE release hold potential market implications.

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