Opinion: Concerns mount over interest-rate direction he Santa Claus rally continued last week with strong GDP data pointing to continued strength. As the New Year rings in, the markets will be focused on the diverging global economies and central bank efforts. Domestically, concerns have been mounting over the Fed’s direction with short-term interest rates. In addition, weak energy prices could lead to a default ripple in the credit markets. Globally, all eyes will be on central bank efforts to shore up weakness in the emerging markets, Europe, Japan and a slowing China. For now the bulls remain in charge and the market trickles up with slow growth and low interest rates.