Several key economic reports are due out this week that will be closely watched for signals on the health of the U.S. and global economy.

The Fed has raised rates because it believes the U.S. economy is strong and likely to continue to grow. The gap between what the Fed says it will do and what the market thinks the Fed will do continues.

Our view is that the U.S. economy–as measured by real GDP–is likely to post growth of 2.5-3.0% in 2016.

The OPEC December meeting will be the most important meeting in years. No major changes to policy are expected. There are significant differences within OPEC, but Saudi Arabia will still dictate policy.

We continue to expect housing may add to GDP growth in 2015 and for the next several years, as the market normalizes following the severe housing bust of 2005-2010.