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Speaker 1: News when you want. It's with Bloomberg News Now. I'm

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Speaker 1: Doug Krisner. Today, the Federal Reserve once again lowered interest rates,

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Speaker 1: this time by twenty five basis points. Here's FED Chair

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Speaker 1: J Powell.

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Speaker 2: At today's meeting, the Committee decided to lower the target

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Speaker 2: range for the federal funds rate by a quarter percentage

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Speaker 2: point to four and a half percent to four and

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Speaker 2: three quarters percent. This further recalibration of our policy stance

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Speaker 2: will help maintain the strength of the economy and the

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Speaker 2: labor market, and will continue to enable further progress on

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Speaker 2: inflation as we move toward a more neutral stance over time.

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Speaker 1: Now, during his press conference, Powell shot down any possibility

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Speaker 1: of President elect Trump removing Powell from his post.

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Speaker 3: Do you believe the president has the power to fire

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Speaker 3: or demote you?

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Speaker 1: And it has?

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Speaker 4: The FED determined the legality of a president demoting at

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Speaker 4: will any of the other governors with leadership positions.

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Speaker 2: Not permitted under the law? Not what not permitted under

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Speaker 2: the law.

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Speaker 1: Powell went on to say the US presidential election will

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Speaker 1: have no effect on FED decision making in the near term.

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Speaker 1: He said it's simply too early to know the timing

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Speaker 1: or substance of any potential changes in fiscal policy, the

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Speaker 1: city of San Francisco will get a new mayor. Daniel Lurie,

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Speaker 1: the heir to the Levi Strauss fortune, has won the

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Speaker 1: mayoral race. Here's incumbent San Francisco Mayor London Breed conceding.

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Speaker 5: I called Daniel Lurie earlier today to congratulate him and

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Speaker 5: made it very clear that my team and I stand

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Speaker 5: ready to support him during his transition. We will always

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Speaker 5: do everything we can to ensure the success of this

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Speaker 5: city and that there's a smooth transition so that the

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Speaker 5: important work that has been done and needs to continue

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Speaker 5: in San Francisco moves forward.

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Speaker 1: That is London Breed, the incumbent mayor of San Francisco. Now.

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Speaker 1: Mister Lurie spent more than seven million dollars of his

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Speaker 1: own money to position himself as a political outsider who

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Speaker 1: could best tackle San Francisco's homelessness, drug and crime problems.

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Speaker 1: President Electron ump has named Susie Wiles as White House

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Speaker 1: Chief of Staff. She's a veteran Republican political operative, and

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Speaker 1: she will be the first ever female in the role,

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Speaker 1: holding considerable power over operations in the West Wing. Earlier today,

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Speaker 1: President Biden addressed the public for the first time since

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Speaker 1: the election. Here he is speaking from the White House

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Speaker 1: Rose Garden.

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Speaker 4: Yesterday I spoke with President elect Trump to congratulate him

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Speaker 4: on his victory, and I assured him I direct my

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Speaker 4: tired administration to work with his team to ensure a

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Speaker 4: peaceful and orderly transition.

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Speaker 1: That is President Biden. And sticking with politics, we go

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Speaker 1: to Pennsylvania and Republican Dave McCormick defeating incumbent US Senator

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Speaker 1: Bob Casey. Bloomberg's Wendy Benjaminson tells us what this means

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Speaker 1: for the Republican Party.

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Speaker 6: This gives Republicans a fifty three right now a fifty

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Speaker 6: three majorityed majority in the Senate, which means that certainly

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Speaker 6: Trump will have very little trouble getting his nominees confirmed.

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Speaker 1: Is Bloomberg's Wendy Benjaminson in Washington. By the way, control

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Speaker 1: of the House of Representatives has yet to be decided.

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Speaker 1: Onto earnings, Moderna delivered better than expected profit and sales

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Speaker 1: for the third quarter. The company benefited from an early

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Speaker 1: start to sales of this season's COVID boosters. CEO Stefan

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Speaker 1: Banzell says, the former company is working to increase vaccine production.

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Speaker 7: Last year we did not do much covid vaccination. We

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Speaker 7: have been walking to try to increase that penetration of

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Speaker 7: covid vaccination in those two channels. We have to wait

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Speaker 7: for a data to see how a season looks like,

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Speaker 7: but what we can already see is that the decrease

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Speaker 7: that we saw from twenty two to twenty three seems

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Speaker 7: to not be happening this year.

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Speaker 1: That is Stefan Bansell, the CEO of Moderna, the British

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Speaker 1: chip designer Armholding, says the use of high end components

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Speaker 1: in smartphones is resulting in a huge benefit for royalty income.

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Speaker 1: This is according to ARM CEO Renee Has. He was

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Speaker 1: saying the shift is being and by demand for AI

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Speaker 1: compute power. Here is Has speaking earlier with Bloomberg.

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Speaker 3: We're very, very fortunate to have some tailwinds from a

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Speaker 3: technology standpoint driving our growth. So as far as the ceiling,

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Speaker 3: I don't think about it quite that way, but I

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Speaker 3: do think where we are is a market where we

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Speaker 3: just can't get enough compute capacity for all these workloads

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Speaker 3: that are going to be running on every device in

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Speaker 3: your home or your business.

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Speaker 1: Renee has there the CEO of ARM Holdings. Today US

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Speaker 1: listed shares in ARM, We're up four percent in the

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Speaker 1: regular session. And that is news when you want it.

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Speaker 1: With Bloomberg News Now, I'm Doug Chrisner, and this is

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Speaker 1: Bloomberg