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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Doug Prisner. Vice President Kamala Harris has conceded the race

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Speaker 1: for the presidency. She addressed supporters earlier today at her

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Speaker 1: alma mater, Howard University in Washington.

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Speaker 2: We have been intentional about building community and building coalitions,

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Speaker 2: bringing people together from every walk of life and background,

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Speaker 2: united by love of country, with enthusiasm and joy in

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Speaker 2: our fight for America's future.

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Speaker 1: That is Vice President Harris at Howard University. Bloomberg skylar

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Speaker 1: Woodhouse was there and she describes the.

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Speaker 3: Mood it is it's been in his historic campaign season.

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Speaker 3: And Vice President Kamwa Harris spoke their supporters today, students

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Speaker 3: of Howard alumni and told them that it is not

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Speaker 3: the election that they had hoped for, but talked about

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Speaker 3: how proud she was of the campaign, of all of

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Speaker 3: the support that she was only able to do with

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Speaker 3: only a little bit over one hundred days.

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Speaker 1: That is Bloomberg skylar Woodhouse. Now. According to the Associated Press,

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Speaker 1: Donald Trump won two hundred and ninety five electoral votes.

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Speaker 1: Harris had two hundred twenty six seventeen delegates remain in

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Speaker 1: Nevada and Arizona. Both states are projected to go to

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Speaker 1: mister Trump. Outside the US, British Prime Minister Keir Starmer

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Speaker 1: and Ukrainian President Volodimir Zelenski were among world leaders offering

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Speaker 1: their congratulations to Donald Trump. Meantime, Vice President Harris promised

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Speaker 1: a peaceful transfer of power during her concession speech at

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Speaker 1: Howard University, and President Biden invited Trump to meet at

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Speaker 1: the Oval Office. Lindy Lee is a political commentator for

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Speaker 1: the Democrats. She explains why she believes the party's campaign

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Speaker 1: was unsuccessful.

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Speaker 4: We should have had a vigorous primary process in order

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Speaker 4: to vet all the candidates, to work out all the kinks,

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Speaker 4: and to ensure the person at the end of the

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Speaker 4: day would be the most formidable candidate against Trump. President Biden,

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Speaker 4: and this is the truth. He should not have run

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Speaker 4: for reelection.

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Speaker 1: That was Lindy Lee, political commentator for the Democrats. Today,

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Speaker 1: financial markets mapped out Donald Trump's return to the White House,

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Speaker 1: as well as the potential for Republicans to control both

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Speaker 1: Houses of Congress. We had the equity market closing at

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Speaker 1: all time highs. The S and P was up two

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Speaker 1: and a half percent today, the Dow Industrial Average gain

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Speaker 1: three point six percent. The Nasdaq composite was up three percent.

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Speaker 1: One beneficiary of the so called Trump trade, Tesla it

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Speaker 1: shares rallied nearly fifteen percent in the regular session. Here's

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Speaker 1: Bloomberg's Ed Ludlow.

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Speaker 5: The calculation the market's making is that Tesla has scale,

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Speaker 5: it has pricing power, and so in a world where

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Speaker 5: those incentives were removed by the Trump administration in the

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Speaker 5: new year, or whenever it happens, Tesla could stand on

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Speaker 5: its own two feet and sort of take advantage of

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Speaker 5: that overall negative situation for the market.

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Speaker 1: That is Bloomberg's Ed Ludlow. Now, Donald Trump's victory is

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Speaker 1: boosting an investment strategy favoring US assets over international ones.

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Speaker 1: Bloomberg's Bill Ferries says globe leaders may be bracing for

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Speaker 1: tougher trade policy under Trump two point zero.

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Speaker 6: I think he's going to use that thread of tariffs

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Speaker 6: as leverage against a lot of countries, rivals and allies

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Speaker 6: as well. So I don't know that we'd get a

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Speaker 6: flat a flat tariff across on all imports, but I

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Speaker 6: think he's going to try to use that as a

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Speaker 6: wedge against other countries to try to get them to

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Speaker 6: buy more American goods or to compete more favorably on trade.

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Speaker 1: That is, Bloomberg's bill ferries onto the Federal Reserve. Tomorrow,

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Speaker 1: the Central Bank is expected to cut its key policy

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Speaker 1: rate by a quarter point, and Chair Ja Powell will

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Speaker 1: likely feeld a barrage of questions about Donald Trump's return

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Speaker 1: to the White House and what it will mean for growth, inflation,

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Speaker 1: and borrowing cost. Earlier in the year, Trump said he

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Speaker 1: would not reappoint Powell if Trump were to return to

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Speaker 1: the White House. We spoke with Libby Cantrell, the head

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Speaker 1: of public policy at PIMCO. She told us it will

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Speaker 1: be hard for Trump to fire Powell, although he will

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Speaker 1: be able to affect significant changes across other regulatory agencies.

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Speaker 7: Some of these other independent agencies like the FED very

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Speaker 7: unlikely he can fire Powell, for instance, But for the

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Speaker 7: CFPB and FHFA he can usher change just given the

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Speaker 7: structure of those agencies. So again there will be a

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Speaker 7: big change, even just from a regulatory perspective. So even

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Speaker 7: when we're not talking about legislation or spending your tax policy,

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Speaker 7: what he can do unilaterally is going to be pretty significant.

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Speaker 1: That was Libby Cantrell, head of public Policy at PIMCO.

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Speaker 1: Trump selection victory has already led to a frantic repricing

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Speaker 1: in financial markets around the world, so Powell will need

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Speaker 1: to reinsure global investors that the Fed can manage the

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Speaker 1: impact of a second Trump term. That is news when

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Speaker 1: you want it, with Bloomberg News. Now. I'm Doug Prisner,

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Speaker 1: and this is Bloomberg