My expectation is that Draghi will move EU rates up a fraction and that the US will sit on its hands until Yellen's term expires on 3 February. My expectations don't really help do they...... except to say that the markets will likely see out Christmas in reasonable fashion (or until Yellen's replacement is named).
One strong contender is Gary Cohen the Democrat who reportedly took a USD285m golden handshake from Goldman Sachs ...... we can but wait and see what his views on interest rates are. Trump himself does not want higher interest rates because such a development could once again see the Trump empire sliding underwater.
There will be winners and losers when the local bubbles pop ...... and pop they will when rates rise by as little as 0.5% IMHO. Why? Because they are that fragile. A small rise will not throw many borrowers underwater instantly but it will shift consumer sentiment.
