The Federal Reserve cut its benchmark interest rate by another 25 basis points to a range of 4.50 percent to 4.75% on Thursday, the day after the US presidential election results were announced, as policymakers began to assess the economic changes that could begin next year with President-elect Donald Trump taking office.

Federal Reserve Chairman Jerome Powell said the presidential election will not have a short-term impact on U.S. monetary policy.

At the same time, Powell said the Federal Reserve will continue to assess the situation to determine the pace and target for interest rate hikes as the leadership looks to ease its current tight policy stance as inflation rates ease and approach its 2% target.

Wall Street's three major indexes fell on Tuesday as investors locked in some post-election gains and awaited a U.S. inflation report due this week.

The Dow Jones Industrial Average fell 0.86%, the S&P 500 fell 0.29% and the Nasdaq Composite fell 0.09%.

Enthusiasm for President-elect Donald Trump has waned, as concerns mount that the new administration's policies could accelerate inflation. Meanwhile, European stocks fell 2% after European Central Bank officials said Trump's tariff hikes would slow global economic growth. Notably, Tesla shares, which had surged 40% since Trump's victory, fell 6%, while the Russell 2000 index of small-cap stocks closed down 1.8% after hitting a three-year high on Monday.

European banks are finding it increasingly difficult to close the revenue gap with their American counterparts as Wall Street looks to Trump for greater financial liberalization in a second term.

Banks in the eurozone and the UK have been constrained by low revenues and weak economies since the 2008-2009 crisis, while US banks have seen rapid growth and a large market share, particularly in investment banking.

European banks have only begun to regain their lost ground this year: until this week, they were ahead of their American counterparts, and there were hopes that the US would adopt some provisions of the international banking regulatory framework, Basel III, which would require US banks to hold more capital, allowing for a level playing field.

But Trump's victory has changed the situation. Shares of JPMorgan, Goldman Sachs, and Morgan Stanley have risen sharply, while the STOXX Europe 600 index of European banks has fallen by more than 1% in a week.

Companies operating in almost all sectors in the US are actively borrowing, taking advantage of high demand and relatively favorable terms.

Citi, Goldman Sachs, HSBC, and BNP Paribas were among 13 banks that sold investment-grade bonds on Tuesday. It was the heaviest day of investment-grade bond sales since September 4, when there were 19 deals.

Companies are looking to borrow, having had virtually no opportunity last week due to the US presidential election and the Federal Reserve meeting. Many companies are looking to borrow at this time, when risk premiums are lower, but yields could rise with the new US administration in office.

The US dollar index is on a strong rise amid Donald Trump's threats to impose heavy tariffs.

The Bloomberg Dollar Spot Index hit its highest level since November 2022 on Tuesday, while the euro's exchange rate fell to its lowest level since November 2022.

Elon Musk is close to breaking his own wealth record thanks to the surge in Tesla shares in the post-election period.

The world's richest man, according to the Bloomberg Billionaires Index, gained nearly $21 billion on Monday as Tesla shares rose 9 percent, bringing his fortune to $335 billion.

The Tesla and SpaceX founder's fortune has increased by $105 billion this year, making him $100 billion richer than second-place Jeff Bezos.

Chipotle shares rose 1.1% Tuesday on news that Scott Boatwright has been named CEO of the fast-food chain.

Boatwright is a longtime employee of the company who served as interim CEO after Brian Nicol left for Starbucks in August. Many investors had backed him for the role and welcomed the decision made yesterday.

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