Futures fall after key averages open lower.

Stock futures dipped Tuesday morning after the BOJ widened its yield target range.

Dow futures fell 236 points (0.72%). S&P 500 futures lost 0.86 and 1.05 percent.

The Dow fell 162 points, or 0.5%, on Monday. S&P 500 declined 0.9% and Nasdaq Composite lost 1.5%. Stocks are set to conclude the month and year in the red, and investors' dreams for a Santa Claus bounce are evaporating.

No Santa yet. Louis Navellier, founder of Navellier & Associates, remarked, "buckle up." "One hopes the awful news is over. No Fed moves until February. We're not gapping down but not recouping last week's losses."

Investors feared the Fed may cause a recession. The central bank boosted its benchmark interest rate by 50 basis points last week and said the terminal rate might reach 5.1%.

The European Central Bank raised rates and forecast future hikes last week, further pressuring traders.

Over 90% of central banks raised interest rates this year, a (largely) global coordinated effort, said LPL Financial's Lawrence Gillum. What's good? We think rate hikes are nearing a halt, which might reduce the headwind on global financial markets this year.

This week, before Christmas, several significant firms will publish quarterly results. General Mills reports Tuesday. Nike and FedEx post-bell.

Tuesday brings November housing starts data. This week offers housing business knowledge. Existing-home sales data will be available Wednesday and Friday.

Friday is the Fed's favorite inflation metric, November's personal consumption expenditures data.

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Bank of Japan surprises the markets

This is the FT News Briefing podcast episode's audio transcript: Markets are stunned by Bank of Japan. Jennifer Smith From the Financial Times, good morning. Today is December 21st, a Wednesday. This concludes the FT News Briefing. Markets shook when Japan's central bank finally gave in. The line for refunds is being pushed forward by a group of FTX clients. Tom Wilson of the FT also takes a look back at the eventful year in the energy markets. Wilson, Tom I mean, this chapter would actually be called "Russia" there, wouldn't it? Jennifer Smith The news you need to start your day is presented by me, Jess Smith, who is filling in for Marc Filippino. Markets were alarmed by the Bank of Japan's unexpected change in monetary policy. The central bankers of Japan had long maintained an ultra-loose monetary policy and refused to raise interest rates with other central banks. However, BOJ officials, including governor Haruhiko Kuroda, announced Wednesday that they wil...

The dollar makes slight gains while investors mull over the outlook for interest rates and the economy.

There will be a multitude of significant decisions made by central banks the following week, including those made by the Federal Reserve, the European Central Bank, and the Bank of England. The most important concern for traders and investors is whether or not inflation has hit its maximum level, which would provide policymakers greater leeway to implement interest rate hikes of a more moderate nature over the next few months. The monthly consumer inflation reading for the United States is also due the following week; it will be released on December 13, one day before the Fed's policy meeting on that day, and it may play a vital role in determining longer-term expectations for monetary policy. According to Adam Cole, a currency analyst at RBC, "U.S. CPI is the one data release that seems to really important for broader dollar direction at the moment," and "until we have those central bank meetings and one key monthly U.S. data release, not a great deal is occurring....

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