November 6, 2024: Harris Officially Concedes, Trump 2.0 Eco Impact, More

Published Nov 7, 2024, 4:38 AM

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News when you want it with Bloomberg News Now, I'm Doug Prisner. Vice President Kamala Harris has conceded the race for the presidency. She addressed supporters earlier today at her alma mater, Howard University in Washington.

We have been intentional about building community and building coalitions, bringing people together from every walk of life and background, united by love of country, with enthusiasm and joy in our fight for America's future.

That is Vice President Harris at Howard University. Bloomberg skylar Woodhouse was there and she describes the.

Mood it is it's been in his historic campaign season. And Vice President Kamwa Harris spoke their supporters today, students of Howard alumni and told them that it is not the election that they had hoped for, but talked about how proud she was of the campaign, of all of the support that she was only able to do with only a little bit over one hundred days.

That is Bloomberg skylar Woodhouse. Now. According to the Associated Press, Donald Trump won two hundred and ninety five electoral votes. Harris had two hundred twenty six seventeen delegates remain in Nevada and Arizona. Both states are projected to go to mister Trump. Outside the US, British Prime Minister Keir Starmer and Ukrainian President Volodimir Zelenski were among world leaders offering their congratulations to Donald Trump. Meantime, Vice President Harris promised a peaceful transfer of power during her concession speech at Howard University, and President Biden invited Trump to meet at the Oval Office. Lindy Lee is a political commentator for the Democrats. She explains why she believes the party's campaign was unsuccessful.

We should have had a vigorous primary process in order to vet all the candidates, to work out all the kinks, and to ensure the person at the end of the day would be the most formidable candidate against Trump. President Biden, and this is the truth. He should not have run for reelection.

That was Lindy Lee, political commentator for the Democrats. Today, financial markets mapped out Donald Trump's return to the White House, as well as the potential for Republicans to control both Houses of Congress. We had the equity market closing at all time highs. The S and P was up two and a half percent today, the Dow Industrial Average gain three point six percent. The Nasdaq composite was up three percent. One beneficiary of the so called Trump trade, Tesla it shares rallied nearly fifteen percent in the regular session. Here's Bloomberg's Ed Ludlow.

The calculation the market's making is that Tesla has scale, it has pricing power, and so in a world where those incentives were removed by the Trump administration in the new year, or whenever it happens, Tesla could stand on its own two feet and sort of take advantage of that overall negative situation for the market.

That is Bloomberg's Ed Ludlow. Now, Donald Trump's victory is boosting an investment strategy favoring US assets over international ones. Bloomberg's Bill Ferries says globe leaders may be bracing for tougher trade policy under Trump two point zero.

I think he's going to use that thread of tariffs as leverage against a lot of countries, rivals and allies as well. So I don't know that we'd get a flat a flat tariff across on all imports, but I think he's going to try to use that as a wedge against other countries to try to get them to buy more American goods or to compete more favorably on trade.

That is, Bloomberg's bill ferries onto the Federal Reserve. Tomorrow, the Central Bank is expected to cut its key policy rate by a quarter point, and Chair Ja Powell will likely feeld a barrage of questions about Donald Trump's return to the White House and what it will mean for growth, inflation, and borrowing cost. Earlier in the year, Trump said he would not reappoint Powell if Trump were to return to the White House. We spoke with Libby Cantrell, the head of public policy at PIMCO. She told us it will be hard for Trump to fire Powell, although he will be able to affect significant changes across other regulatory agencies.

Some of these other independent agencies like the FED very unlikely he can fire Powell, for instance, But for the CFPB and FHFA he can usher change just given the structure of those agencies. So again there will be a big change, even just from a regulatory perspective. So even when we're not talking about legislation or spending your tax policy, what he can do unilaterally is going to be pretty significant.

That was Libby Cantrell, head of public Policy at PIMCO. Trump selection victory has already led to a frantic repricing in financial markets around the world, so Powell will need to reinsure global investors that the Fed can manage the impact of a second Trump term. That is news when you want it, with Bloomberg News. Now. I'm Doug Prisner, and this is Bloomberg