A sharp selloff in the world’s largest bond market sent shockwaves through the U.S. financial markets this week, leaving investors to ponder if that choppiness will persist throughout the new year.

Good morning. Wall Street bonuses will jump by 10% or more. Catastrophic weather drives insured losses higher. And a new side hustle is on the rise: Making job referrals for strangers. Listen to the day’s top stories.

Wall Street's biggest banks are set to reward their traders and dealmakers with their biggest bonus increase since the pandemic, according to a media report. The average increase for Bank of America's (NYSE:BAC) stock and fixed-income traders is 10%,