The economic calendar is quiet this week before the Christmas holidays, with the Bank of Japan the last of the major central banks to meet this year. In the U.S., the release of housing and consumer confidence data will provide new insight into the strength of the economy amid recession fears. Prospects for a “Santa Claus rally” have faded as investors fear the Federal Reserve’s sharp tightening of monetary policy will hamper growth. Here’s what you need to know at the start of the week.

1- Bank of Japan

The Bank of Japan is expected to stick to a negative interest rate at its last Bank of Japan meeting of the year on Tuesday despite rising inflation, setting it apart from other global banks.

The country’s annual inflation rate hit 3.6 percent in October, the biggest increase in more than 40 years, driven by rising energy and food prices. Despite the high rate, inflation in Japan is still well below the levels seen in the U.S. and Europe, and the economic recovery remains fragile.

Bank of Japan Governor Haruhiko Kuroda is due to step down in April after a decade at the helm, and it is thought that major changes to Bank policy are unlikely until then.

Meanwhile, inflation data for November is due out on Thursday and is expected to show another rise.

2. US data

Investors will get an update on the US housing market this week with the release of November housing starts data as well as new and existing home sales data.

In October, due to rising mortgage rates, US existing home sales fell for a record ninth consecutive month and home construction fell sharply, with single-family home projects reaching their lowest level in nearly 2.5 years.

On Wednesday, the Conference Board will release its consumer confidence index, which is expected to rise after falling to a four-month low in November.

U.S. personal income and spending data are due on Friday and will be closely watched after two recent Consumer Price Index reports showed that price pressures appear to be cooling, raising hopes that inflation may have peaked.

3. Equity Market

The U.S. stock market fell for the third straight session last Friday and suffered losses for the second week in a row as fears continue to grow that the Federal Reserve’s sharp tightening of policy will lead the economy into recession.

For the week, the Dow Jones Industrial Average fell 1.66%, the S&P 500 fell 2.09% and the NASDAQ Composite fell 2.72%.

Last week, the Fed delivered a smaller 50-basis-point rate hike, but noted that there will be more hikes ahead, predicting that the interest rate will hit the 5% mark in 2023, which hasn’t been seen since 2007.

“Central banks have dealt a blow to a market that is recovering in anticipation of officials taking a dovish course on inflation and interest rates,” Sunil Krishnan, head of multi-asset funds at Aviva Investors, told Reuters.

4. Eurozone

After last week’s 50 basis point rate hike by the European Central Bank, this week will be a quieter week in the eurozone.

Germany will publish its Ifo Business Climate Index for December, which is expected to show a slight improvement.

The report comes after last week’s PMI data showed that the contraction in German economic activity slowed for the second month in a row, indicating that the bloc’s likely recession will be milder than previously thought.

ECB Vice President Luis de Guindos is scheduled to speak on Tuesday.

5. UK

The UK is also subdued after last week’s 50 basis point rate hike by the Bank of England. The most important events this week will be public sector borrowing data on Wednesday and final third quarter GDP data on Thursday.

No official speeches by Bank of England representatives are scheduled.