On November 25, 2025, markets will focus mainly on U.S. housing data (the FHFA Home Price Index) and the Richmond Fed manufacturing report. These releases influence expectations for consumer strength and the broader economic outlook. Because the date falls in the week of Thanksgiving, trading liquidity will be thinner than usual, meaning any surprise in the data could move markets more sharply. The broader backdrop of policy and economic uncertainty also heightens the chance of outsized reactions.