Market Themes of the Day: Trump Can't Fire Powell In a Post-Christmas Lull

What you need to know before markets open
Main themes:

• The Chicago Fed national activity index increased to +0.22 in November, up from a neutral reading in October.
• Secretary Mnuchin conducted a series of calls today with the CEOs of the nations six largest banks to discuss banking sector liquidity.
• The US President Trump tweeted that: “the only problem our economy has is the Fed. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!”
• Global stock markets sold off ahead of Christmas as the fear of the US government shutdown weighed on the market sentiment, but the post-Christmas rally was remarkable. “Either equities are reassured that President Trump is not going to do something (he can’t fire the Fed Chairman), or that rates are relatively low, or that a 3% US economy might not warrant a bear market, or that Santa had a good season. At any rate-- Stocks are higher,” Joseph Trevisani, senior market analyst at FXStreet noted on market development.
• China's industrial profits dropped for the first time in the last three years in a sign of increased pressure on the economy.

US

• US jobless claims are expected to reach 219K in the week ending December 21.
• US consumer confidence is expected to 133.7 in December.