U.S. economic data was constructive: November core PPI stayed flat while retail sales beat expectations, nudging yields down 1–2 bps. Simultaneously, a weaker dollar pushed commodities higher; silver hit a record $92 (+6.38%) and gold reached new all-time highs. Key Events & Outlook Federal Reserve: Focus shifts to the Beige Book and commentary from officials Bostic, Williams, and Kashkari (the latter two are 2026 FOMC voters). Manufacturing: Upcoming Philly Fed and NY Empire State indexes will provide a pulse on 10% of the national manufacturing base. Earnings: TSMC, Morgan Stanley, Goldman Sachs, and Blackrock report tomorrow morning. Upcoming Data: Weekly jobless claims and remarks from Vice Chair Michael Barr are due tomorrow.