GOOD MORNING! Strong economic data in Japan sent the Nikkei stock market and bond yields there higher. Their bond market action put some pressure on US Treasury yields overnight and into the early morning. Treasuries were further pressured by better than expected US data as both initial and continuing jobless claims declined, even though they were likely distorted due to the Thanksgiving holiday. In turn, higher market rates caused stocks to trade cautiously and off the back foot. The benchmark equity indices ended the session narrowly mixed.

     The markets are little changed in early morning trading. This is ahead of data releases that are mixed in timeliness. The first will be September’s personal income/consumption/savings and associated PCE Deflators, the Fed’s favorite inflation gauge. Next will be the (very) preliminary University of Michigan Consumer Sentiment Index for December. Finally, October’s consumer credit figures will be reported this afternoon. A quiet start may pick up for positioning for the weekend.