With volatility this low, the famous "Santa Claus Rally" may have already happened.
Federal Reserve Chair Jerome Powell is set to make an appearance. With treasury yields plunging Fed Chair Powell may use a hawkish tone.
Bond investors are pricing in imminent Federal Reserve interest rate cuts by the first half of next year, as signs of slowing U.S. economic growth and easing inflation became more evident. While a weakening growth outlook is likely an important factor in keeping the U.S. central bank from raising rates, progress on the inflation front could determine when it will pivot toward monetary policy easing. The release on Thursday of the latest U.S. personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation, could mark another step closer to that looming policy shift.