Good morning. Traders are bracing for more volatility. Apple is planning a folding iPad. And why the toughest table to book in Paris is in Disneyland. Listen to the day’s top stories.

Investors anticipating another calm year in 2025 should be on guard for more shocks as uncertainty around Donald Trump’s tax and tariff policies threaten to roil markets. And anyone expecting a Boeing revival probably shouldn’t get their hopes up. One portfolio manager says the best thing for the company right now would be just to stay out of the news.

It’s a big week for central banks. There’s a flurry of data and decisions coming up  around the globe before everyone takes a breather for the holidays. Close to home, the Federal Reserve will probably signal a slower pace of easing when it meets. Economists at Goldman Sachs think the Fed may skip cutting borrowing costs next month.

A surprise retail slowdown in China will only add to the general murkiness. Sales growth slowed sharply to 3% last month while home prices remained under pressure. The country’s spiral into deflation is proving hard to fix.

Apple is developing a giant foldable iPad-like device, aiming for a 2028 release, writes Mark Gurman. The goal is to avoid the crease that current products have when the screen is open. Apple is also exploring a foldable iPhone, rethinking the mouse and, if you missed it, planning satellite and health upgrades for its smartwatch.

Luigi Mangione. Photographer: Jeff Swensen/Getty Images North America

Luigi Mangione hired former veteran Manhattan prosecutor Karen Friedman Agnifilo to defend him on murder charges. She may argue an insanity defense or challenge evidence in the case of the 26-year-old accused of shooting UnitedHealth executive Brian Thompson. She may may also consider a guilty plea to reduce his potential prison term.

Deep Dive: Downward Dollar?

Wall Street is souring on the dollar as the Fed lowers rates. Some strategists are forecasting the currency will peak as early as mid-2025 before starting to decline, with SocGen seeing the ICE US Dollar Index falling 6% at the end of next year.

• The greenback is up against most major currencies this year. It’s up almost 5% against the euro, 8% versus the yen and about 16% against the Mexican peso in the dollar’s biggest rally since 2015.
• Meanwhile, there there’s no stopping Bitcoin, which hit another record above $106,000. Traders are optimistic about the president-elect’s support for digital assets and big buyer MicroStrategy joining the Nasdaq 100 Index.

The Big Take

Opinion

Nick Leeson in 2018. Photographer: Stuart C. Wilson/Getty Images Europe

Nick Leeson, the trader who lost $1 billion almost 30 years ago and brought the financial system to its knees, writes that no one should have to endure another seismic event like the one he caused. The dangers are certainly not diminishing. Lessons have not been learned, alarm bells have not been heard, and markets will remain at risk until compliance and risk management are finally given the same reverence as profits.

Before You Go

Bistrot Chez Rémy. Photographer: Helen Chandler-Wilde

Forget the idea of enjoying a dreamy view of Notre-Dame with your tarte tatin. One of the toughest tables to book in Paris is in Disneyland. Bistrot Chez Rémy is a homage to Ratatouille, Pixar’s hit 2007 animated film that follows the adventures of a rat who can whip up a mean soufflé.

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
• Supply Lines for daily insights into supply chains and global trade
• FOIA Files for Jason Leopold’s weekly newsletter uncovering government documents never seen before

Explore all newsletters at Bloomberg.com.