As we enter Christmas week, the market rhythm is starting to become unusual. The U.S. stock market will close two hours early on Wednesday and will be closed all day on Thursday, which brings a lot of uncertainty to traders' operations. However, what really attracts attention is whether Trump will announce the candidate for the Fed chair during the holiday season.

Currently, the most talked-about candidate is Kevin Hassett, the director of the National Economic Council, with a nomination probability of about 54%, far ahead of other competitors. Former Fed governor Kevin Warsh has a relatively low probability of about 21%, while Fed governor Christopher Waller has about 14%. This personnel appointment will have a substantial impact on market liquidity and interest rate expectations.

From the perspective of economic data, there will also be highlights next week. On Tuesday, the preliminary value of the annualized quarterly GDP for the third quarter in the U.S., personal consumption expenditures, and the core PCE price index will be released. These three data points often lead to a reassessment of the Fed's policy outlook. The monetary policy meeting minutes from the Bank of Canada are also worth paying attention to. By Wednesday, the initial jobless claims data in the U.S. will be out, which is an important reference for measuring the health of the labor market.

In the Asian market, the Governor of the Bank of Japan, Kazuo Ueda, will deliver an economic speech on Thursday, and the unemployment rate data for Japan in November will also be released simultaneously. The Hong Kong Stock Exchange has a half-day session on Wednesday, and these timing mismatches require traders to plan their positions in advance. Liquidity fluctuations are often amplified during the holiday period, which poses new requirements for position risk management.