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Days after Trump won his way to the White House, becoming the 47th President of the United States, the US Federal Reserve slashed the interest rates by 25 basis points, bringing them within the range of 4.5-4.75%. This is the second time this year that the Fed has lowered the interest rates, after cutting them down by 50 basis points in September 2024. u Fed chair Jerome Powell noted that monetary policy remains tight as inflation remains elevated at 2.4% as of September 2024, slightly above the 2% mark set by the commission. However, the Fed remained optimistic about the current state of the economy. "The Committee seeks to achieve maximum employment and inflation at 2% over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the FOMC (Federal Open Market Committee) noted in its press release. The rate cut was along widely anticipated lines, although experts were wary of the Fed's way ahead, given that Donald Trump has been elected as the US President. In the past, he has, on multiple occasions, expressed his desire to yield greater influence on the Fed, apart from publicly criticizing Powell. However, Powell continued to stand his ground, noting that Trump cannot legally sack him. He believed in keeping the Fed independent, at least until his tenure as governor ends in 2028. He highlighted that even if he is explicitly asked by Trump to quit, he won't do so. <h2>Trump's regime to inch up inflation?</h2> Trump's electoral promises, if translated into policies, could spell disaster for the Fed's effort to curtail inflation. Reportedly, Trump has promised to levy aggressive tariffs against US trading partners, particularly China, and even extend his 2017 tax cuts. This could mean higher levels of the federal deficit, which would push up prices, wages, and hence, inflation, even as the Fed tries to consistently bring it under control. Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, notes that it wasn't a surprise when the US Fed cut interest rates by 25 basis points (bps) to 4.75%. The Fed had given enough clues, and the market too had anticipated these rate cuts. "However, what was surprising was how the <keyword id="23863852" type="General" weightage="20" keywordseo="US-10-year-bond-yields" source="keywords">US 10-year bond yields</keyword> moved over the last one and a half months, which have been rising relentlessly from 3.6% to almost 4.5% despite the 50 bps cut in the last Fed meeting. It seems that the market is anticipating slower rate cuts going ahead, and maybe there are even chances of inflation rising. The bond yields have cooled off and slipped below the 4.335% mark. This should be bullish for emerging markets like India," he added.

US Fed cuts interest rates by 25 bps, Powell notes Trump's victory to have no impact on policy decisions

In early Wednesday trading, the Indian rupee slid 14 paise to hit an all-time low of 84.23 per US dollar, weighed down by continued outflows of foreign funds and a robust US dollar in global markets. Forex analysts highlighted the volatility stemming from the ongoing US elections, suggesting that stability could return once results are clear in this close race. The US Federal Reserve is also on the radar, with an anticipated interest rate cut this week and a projected easing of up to 100 basis points by 2025. At the interbank forex market, the rupee opened at its historic low of 84.23 against the dollar, down from its previous close of 84.09. On Tuesday, the currency had ended slightly stronger, gaining 2 paise. Meanwhile, the dollar index, which tracks the strength of the US dollar against six major currencies, climbed 1.64% to 105.11. According to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, the index rose following initial election results showing former President Trump ahead, with the Republican party also leading in both the Senate and the House of Representatives. The global oil market saw movement as Brent crude prices dipped 0.98%, trading at USD 74.79 per barrel. Bhansali noted that the rupee’s trajectory will heavily depend on the Reserve Bank of India’s (RBI) response, particularly as the currency fluctuates with real-time election outcomes. He estimated an intra-day trading range between 84.00 and 84.35. On the domestic front, Indian stock markets showed positive trends. The Sensex climbed by 390.93 points (0.49%) to reach 79,867.56, while the Nifty rose by 135.60 points (0.56%) to 24,348.90. Despite these gains, foreign institutional investors (FIIs) were net sellers on Tuesday, pulling out Rs 2,569.41 crore from the capital markets, as per stock exchange data. This withdrawal underscores the challenges facing the Indian currency amid global financial uncertainties. (with PTI inputs)

Rupee hits record low of 84.23 against US dollar amidst US elections 2024

Global markets are looking ahead to the US Fed's meeting scheduled for Thursday, November 7, 2024, expecting the Jerome Powell-chaired FOMC (Federal Open Market Committee) to slash interest rates further by 0.25%. In September this year, the Fed surprised the markets by cutting interest rates by a massive 0.5%, for the first time in 4 years. As per the <keyword id="23807624" type="General" weightage="20" keywordseo="CME-Fed-Watch-Tool" source="keywords">CME Fed Watch Tool</keyword>, there is now a 99.5% chance that the Fed will reduce the interest rates by around 25 basis points, bringing it within the range of 4.5% to 4.75%. Only 0.5% believe that the Fed might leave the rates unchanged, within their present range of 4.75% to 5%. As for the Fed's December meeting, scheduled for December 18, per the CME Fed Watch tool, 79.5% believe that interest rates would be in the range of 4.25% to 4.5%. Another 20.4% believe that yields will remain in the range of 4.5% and 4.75%. Only 0.1% see the interest rates staying within their current range of 4.75% to 5% <h2>No major changes anticipated</h2>However, it is unlikely that this quarter-point rate cut would bring about any significant financial changes in the US economy. The Fed is again expected to bring down the interest rates by another 25 basis points in their December meeting. This would imply a total rate cut of about 50 basis points by the end of this year. So, why is the Fed not bringing down interest rates by 50 basis points in one fell swoop this time around? Why wait till December to bring down the rates by another 25 basis points? Experts believe that it could stoke inflation, which has seen a sharp decline in the recent past. A steep slash of borrowing rates could accelerate borrowing activity and inject significant cash into the economy at once, pushing up inflation. Per the Fed's recent projections, a total of 4 rate cuts are anticipated in 2025. On a YoY basis, inflation in the US dipped to 2.4%, close to the Fed's target of 2%. With inflationary pressures reined in, the economy growing at the rate of 2.8% during the third quarter of FY24, and the unemployment rate down to 4.1%, the markets see much merit in bringing interest rates down. This is especially important to boost spending, particularly in sectors such as housing and automobiles, where even a slight tinkering in interest rates can drastically impact the amount and volume of loans taken to own them. Data suggests that during Trump's presidency tenure, i.e., between 2017 and 2021, inflation averaged at a rate of 1.9% a year. During the Biden administration, where Kamala Harris served as VP, the inflation is on track to average around 5% a year. Shrisha Acharya, Vice President, Anand Rathi Global Finance, also notes that the results of the impending US elections, which are likely to be declared tomorrow, will impact the yields and stock markets. "The Trump card, coupled with potential Republican control, could mean higher bond yields due to anticipated increases in deficit spending, inflation risks, and potential tax cuts. This could very well jiggle the confidence in U.S. Treasury bonds and thus start a chain effect that will possibly impact global market stability and lead to short-term volatility. On the other hand, Harris’ rise has been met with a stock market rally glued on expectations of economic stability and controlled inflation, with more predictable fiscal policy likely to help in a soft landing," he explains.

What can you expect from the US Fed meeting later this week? Here's all you need to know

For many Americans, the most important focus heading into a presidential election is how the winner will impact their wallet. Whatever your financial priorities, Business Insider has you covered with a five-part series on the impacts a Trump or a Harris presidency could have on US consumers.You can go deep on how the race for the White House could impact everything from childcare costs to housing to your grocery bill. Just follow the links below, or keep scrolling for a speed-read. Explore BI's election series:• <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">How a Trump or Harris presidency could impact your investments</a>• <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">What's expected to get more and less expensive under Trump or Harris</a>• <a target="_blank" class="" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">How the cost of housing is expected to change under Trump or Harris</a>• <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">What a Trump or Harris presidency would mean for your tax bill</a>• <a target="_blank" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">How the cost of childcare is expected to change under Trump or Harris</a> <h2 id="0f3ba487-221e-4717-9396-f6e71080aee6"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investments</a></h2><h3 id="c604a2de-d86e-4c5a-8272-80c2c117fa03">Trump</h3>The former president's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. However, his plan to tax all US imports is viewed as a headwind that could be inflationary and hit consumer spending.If those inflation worries come true, interest rates would be higher and push bond prices lower. Trump is also seen as bullish for crypto, and his protectionist policies are viewed as likely to push the dollar higher.<h3 id="f5661b95-8cae-4195-968e-937088b5c035">Harris</h3>The current vice president's plan to raise the corporate tax rate is expected to hit the beneficiaries of Trump's proposed cut hardest. Her plan to regulate the financial sector is also seen as holding back stocks in the industry. On the positive side, Harris' policies would likely benefit homebuilder and renewable-energy stocks.Harris' plans are also considered to be less inflationary than Trump's, which would allow the Federal Reserve to keep cutting rates, boosting bond prices. Her continuity with President Joe Biden's policies is expected to push the dollar lower. Harris is also viewed as crypto-positive.<h2 id="9fffe11a-9455-431b-baef-03c634fbeb2b"><a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Costs</a></h2><h3 id="4d8effe9-7729-4dbe-b985-0353c12003a7">Trump</h3>Trump's plan to impose a broad-based 10%-to-20% tariff on most goods brought in from other countries is widely viewed as making import-reliant products more expensive. Major categories with high potential tariff exposure include automobiles, drugs for human and veterinary use, food and beverage, furniture, and household appliances.Relatedly, the former president has previously said he'll lower grocery prices by restricting food imports to bolster domestic producers.<h3 id="c9f25ce7-8011-4641-a4cf-cdefe1de92d9">Harris</h3>While Harris could continue tariffs instated by Biden, her import-tax policy is seen as less inflationary than Trump's. For groceries, the vice president released a plan to tackle high food costs by implementing a federal ban on price gouging during national emergencies.For drug prices, Harris has promised to expand two provisions in the Inflation Reduction Act, allowing Medicare to negotiate the prices of some drugs.<h2 id="ed67f4da-e516-414c-ba19-f692892a0f86"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Housing</a></h2><h3 id="c3f2844c-6bb9-473d-91db-9163697e0f29">Trump</h3>Trump has said on the campaign trail that the ongoing housing shortage could be addressed by deporting millions of people from the country. The former president also said he could decrease demand by banning mortgages for immigrants living in the US illegally.Further — during his previous White House tenure — Trump opposed the construction of high-density housing in single-family-zoned areas, although he has not said during this election cycle whether he wants to continue pursuing similar policies.<h3 id="dd9ed82e-f056-4bf1-a84a-ce1071f56fc5">Harris</h3>Harris' planned policy includes the construction of 3 million new housing units, as well as an expansion to the Low-Income Housing Tax Credit. She also plans to create a $40 billion federal innovation fund that would encourage local governments to build housing.The vice president has also said she would take action against "corporate landlords" and call on Congress to remove tax benefits from investors who acquire 50 or more single-family rental homes.<h2 id="b0d6cc09-dd6b-4d2e-9216-5c8ecbcfa7e0"><a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a></h2><h3 id="206237a6-9eca-4208-bb25-b7f76c2ce845">Trump</h3>Trump has proposed lowering the corporate tax rate from 21% to 15% for firms that make their products in the US.The former president has also said he plans to extend his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut."A permanent continuation of the TCJA's income-tax provisions would amount to a nearly $280,000 tax cut for the top 0.1% of earners, compared to $1,000 for middle-income Americas, a Tax Policy Center analysis found. Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans.<h3 id="77d8ca5f-0db1-4a2a-87e9-9b8e7ae5c85b">Harris</h3>Harris wants to bump up the corporate tax rate from 21% to 28%, while also proposing some specific breaks for small businesses.The vice president has also proposed an expanded earned-income tax credit aimed at lower earners, and she wants to restore and expand upon a more generous child tax credit, similar to the one implemented under Biden's pandemic-relief bill in 2021. Harris also shares some middle ground with Trump in terms of wanting to eliminate taxes on tips.For high-income earners, Harris supports two measures that have gained traction during the Biden administration: targeting ultrawealthy investors' capital gains, and imposing a minimum income tax on billionaires.<h2 id="2804ce0e-fc32-40e9-803e-c53a6b31f02b"><a target="_blank" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a></h2><h3 id="ed726a64-f988-4421-a339-c95f21949f4f">Trump</h3>Trump has also proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.In addition, while previously in office, Trump signed a bipartisan bill that provided federal employees with 12 weeks of paid parental leave, although he hasn't emphasized the issue on the 2024 campaign trail.<h3 id="e35abccd-064c-4d14-947d-2de0192dc4b9">Harris</h3>Harris has promised to cap families' childcare costs at no more than 7% of their incomes, compared to the between 8% and 19.3% spent by the median American family in 2022. The vice president's child tax credit policy would restore the enhanced pandemic-era credit, giving parents up to $3,600 annually per child, with the amount dependent on a child's age and family income.Further, during her run for president in 2020, Harris supported a six-month paid-leave policy for Americans with a new child or a sick relative.

How the election will impact your wallet

<ul class="summary-list"><li>Donald Trump has won the US presidency in sweeping fashion.</li><li>His proposed policies, particularly wide-reaching tariffs, are expected to have a major impact on consumers.</li></ul>Now that <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump has been declared the winner</a> of the 2024 election, American consumers are on the lookout for what a Trump 2.0 presidency will mean for their finances.From investment portfolios to childcare costs, there could be substantial changes. Central to Trump's overall platform is his plan to enact tariffs on nearly all US imports, which is seen as driving inflation higher.Detailed below are five categories — investments, overall costs, housing, taxes, and childcare — that US consumers can expect to feel impacted by a new Trump regime.<h2 id="d30df8a9-d8f0-4701-8583-83a332628411"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investments</a></h2>Trump's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. However, his plan to tax all US imports is viewed as a headwind that could be inflationary and hit consumer spending.If those inflation worries come true, interest rates would be higher and push bond prices lower. Trump is also seen as bullish for crypto, and his protectionist policies are viewed as likely to push the dollar higher.These moves played out after Trump secured victory, with the so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">Trump trade soaring</a>: stocks, Treasury yields, dollar, and bitcoin moved sharply higher.<h2 id="9fffe11a-9455-431b-baef-03c634fbeb2b"><a target="_blank" rel="" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Costs</a></h2>Trump's plan to impose a broad-based 10%-to-20% tariff on most goods brought in from other countries — and as much as 60% on Chinese imports — is widely viewed as making import-reliant products more expensive. Major categories with high potential tariff exposure include automobiles, drugs for human and veterinary use, food and beverage, furniture, and household appliances.Relatedly, the former president has previously said he'll lower grocery prices by restricting food imports to bolster domestic producers.<h2 id="3a8b1c41-e43c-4dca-b716-d8a1ee2acef2"><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Housing</a></h2>Trump said on the campaign trail that the ongoing housing shortage could be addressed by deporting millions of people from the country. The newly elected president has also said he could decrease demand by banning mortgages for immigrants living in the US illegally.During his previous White House tenure, Trump opposed the construction of high-density housing in single-family-zoned areas, although did not say during this election cycle whether he wants to continue pursuing similar policies.Further, if Trump's presidency is inflationary and leads to interest-rate hikes, that would hit housing affordability in the form of higher mortgage rates, which track the Fed's benchmark.<h2 id="b0d6cc09-dd6b-4d2e-9216-5c8ecbcfa7e0"><a target="_blank" rel="" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a></h2>Trump has proposed lowering the corporate tax rate from 21% to 15% for firms that make their products in the US.The former president has also said he plans to extend his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut."A permanent continuation of the TCJA's income-tax provisions would amount to a nearly $280,000 tax cut for the top 0.1% of earners, compared to $1,000 for middle-income Americas, a Tax Policy Center analysis found. Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans.<h2 id="2804ce0e-fc32-40e9-803e-c53a6b31f02b"><a target="_blank" rel="" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a></h2>Trump has proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.In addition, while previously in office, Trump signed a bipartisan bill that provided federal employees with 12 weeks of paid parental leave, although he didn't emphasize the issue on the 2024 campaign trail.

How Trump's election victory will impact your wallet

<ul class="summary-list"><li>The presidential election will influence parents, childfree adults, and reproductive-healthcare access.</li><li>It's the first presidential election since Roe v. Wade was overturned, which could shape votes in swing states.</li></ul>The candidate who wins the Oval Office will influence how Americans build a family.It's the first presidential election since <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">Roe v. Wade was overturned,</a> and <a target="_blank" class="" href="https://www.businessinsider.com/costs-abortions-travel-expenses-increase-scotus-roe-v-wade-dobbs-2024-2">abortion</a>, fertility treatments, childcare expenses, and political rhetoric toward <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-defended-his-childless-cat-ladies-comment-2024-7">childfree adults</a> have been major talking points on the campaign trail.Former President Donald Trump has said he will allow states to restrict abortion as they see fit, while Vice President Kamala Harris wants to restore abortion protections to federal law if she wins.Ahead of Election Day, Business Insider spoke with voters about how family and reproductive healthcare access will influence their decision.BI found that people's views on family don't always fit neatly into a political party. Along the spectrum of support for abortion access, one common thread stood out: The cost of raising a family."It's an issue that actually unites Americans," said Kristan Hawkins, the president of two <a target="_blank" class="" href="https://www.studentsforlifeaction.org/">anti-abortion</a> <a target="_blank" class="" href="https://studentsforlife.org/">organizations</a> for students. She does not support Harris' plan to restore federal abortion access, but she does often hear from families that are struggling with <a target="_blank" class="" href="https://www.businessinsider.com/parents-children-fleeing-nyc-high-housing-daycare-costs-2024-6#:~:text=The%20typical%20New%20York%20City,The%20New%20York%20Times%20reported.">high living costs</a> and a <a target="_blank" class="" href="https://www.businessinsider.com/poverty-line-leaves-behind-low-income-americans-snap-medicare-wic-2024-6">limited social safety net</a>.A representative for Harris referred BI to the vice president's policy record and comments on the campaign trail. A representative for Trump did not respond by the time of publication.<h2 id="5ff513d9-5f50-4cb2-a402-f5352c2aabfc">An anti-abortion Missouri mom who prioritizes family-centered economic policy and says she'll vote for Trump</h2>Erica Choinka, 30, has two young children and lives in Jefferson City, Missouri.She loves being a parent and said the rising cost of raising a family is one of her main economic concerns. She said her household expenses were <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">cheaper when Trump was president</a>.Choinka also aligns with Trump's promises to <a target="_blank" class="" href="https://www.businessinsider.com/trump-said-abortion-bans-should-be-left-states-2024-4">leave abortion laws to the states</a>, and considers herself "pro-life." For her, the pro-life belief reaches beyond abortion — it's about affordability for parents. That's why she supports a <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-proposals-boost-child-tax-credit-give-parents-money-2024-8">child tax credit</a>, affordable childcare, paid family leave, and access to fertility treatments like IVF.While both Harris and Trump have a child tax credit in their presidential policy plans, this election comes after the pandemic-era child tax credit lapsed, <a target="_blank" class="" href="https://www.businessinsider.com/democrats-poverty-extended-child-tax-credit-expired-2022-3">partly due to Republican opposition</a>. Both candidates have outlined plans to reintroduce a child tax credit, and Harris said she would also <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/09/17/remarks-by-vice-president-harris-in-a-conversation-with-the-national-association-of-black-journalists-philadelphia-pa/">cap childcare costs</a>.In terms of abortion access, Trump has bragged about his role in overturning Roe v. Wade — a decision that led to <a target="_blank" class="" href="https://www.guttmacher.org/state-policy/explore/state-policies-abortion-bans">41 states </a>with bans.Choinka said she agrees with where Missouri has landed: abortion is banned in the state at all stages of pregnancy, with no exceptions for cases of rape or incest. The state will be voting this November on constitutional abortion protections."We have an opportunity to either continue with the status quo of the last four years or go back to Trump, his policies, and his strategy for approaching problems," she said. "That's the path that I want to take."<h2 id="041baf13-1414-4a5c-b8a7-73fc1d354d2d">A Texas voter whose reflections on her own abortion have her supporting Harris</h2>Stephanie Gomez remembers taking a pregnancy test during her senior year in a Houston high school bathroom. She watched as the pink lines formed a plus symbol. She immediately knew she didn't want to be a parent, she said.What followed for Gomez was a visit to a Planned Parenthood clinic and an abortion procedure. It was 2012 and elective abortion was still legal in Texas. The clinic offered Gomez some financial aid, and her twin sister had to come up with nearly $400 between their McDonald's and Denny's paychecks to cover the rest of the bill.Texas now has among the <a target="_blank" class="" href="https://www.businessinsider.com/10000-more-births-afrer-texas-strict-abortion-law-study-2023-7https://www.businessinsider.com/10000-more-births-afrer-texas-strict-abortion-law-study-2023-7">strictest abortion bans in the US</a>. The procedure is banned after six weeks in all cases, except for medical emergencies, with no exceptions for rape or incest.Gomez, who is now 30, lives in Austin with her long-term partner."Being like a childless woman who really lives life on her own terms, I think people don't actually realize how rare that can be," she said, adding that she has the financial freedom to support her parents and younger siblings. "This idea that I don't have a family because I haven't decided to marry someone or be pregnant is insane to me."Her top voting issues include reproductive healthcare access, the economy, climate, and voting rights. She feels Harris' policies most align with her priorities.Gomez said she wished more Americans understood the "diverse" reasons a person may choose to end their pregnancy. She remembers her friends and family saying her abortion was justified because she was young and had college on the horizon."When we try to justify the reason, there's this narrative that there is a 'good' abortion or a 'bad' abortion," she said. "It's a medical procedure."<h2 id="ea19e384-5515-4142-8eac-61da5fe33934">A first-time voter in Indiana who is anti-abortion and plans to to vote third-party</h2>Avie Sark is about to cast her first ballot. The 18-year-old is a college student in central Indiana and works for a couple of advocacy groups that share her political views — including serving as president of her local Democrats for Life of America chapter, which supports anti-abortion Democratic candidates and policy in local elections.Sark said she identifies as a "progressive" and "leftist" on most economic and social issues. Where she differs from many in her party is her anti-abortion stance, saying she "sees fetuses as people."She hopes that, in the future, a president can restrict abortion, along with lowering childcare and healthcare costs. She hopes to foster or adopt children someday.In her first time voting for president, Sark said she plans to vote third party, likely for Green Party candidate Jill Stein. <a target="_blank" class="" href="https://www.npr.org/2024/09/22/nx-s1-5113108/third-party-voters">Third-party voters</a>, like Sark, can have an impact on a Harris-Trump race with razor-thin margins.Anti-abortion policy is Sark's top consideration in the election, and she said neither major party candidate aligns with that priority: Harris won't do enough to limit abortion access and Trump has been inconsistent with his abortion views, Sark said."I don't think that there's really anything that we can do about abortion in this election," Sark said.

Parenthood — and the choice to be childfree — is at stake this election. 3 Americans explain how it's impacting their vote.

<ul class="summary-list"><li>Voters elected Republicans across the country while also supporting policies typically touted by Democrats.</li><li>Minimum wage hikes passed in two red states, and one voted against pay cuts for tipped workers.</li></ul>In 2024, voters elected a Republican president while embracing policies touted by Democrats.Minimum wage hikes, in particular, were victorious in states that went soundly for President-elect Donald Trump.In Missouri, Trump raked in just over <a target="_blank" href="https://enr.sos.mo.gov/">58% of the vote</a>. The same share of the state's voters opted to hike the minimum wage to $15 an hour by 2026 and mandate some paid sick leave. A slim majority also voted to enshrine abortion rights.In Alaska, where <a target="_blank" href="https://www.elections.alaska.gov/enr/">Trump seems poised to trounce Kamala Harris</a>, a measure to hike the minimum wage to $15 by 2027 and mandate paid sick leave <a target="_blank" href="https://www.washingtonpost.com/elections/results/2024/11/05/alaska-measure-1/">also looks like it's on track to win</a>.In <a target="_blank" href="https://www.nbcnews.com/politics/2024-elections/arizona-ballot-measures">Arizona</a>, a measure to allow employers to reduce base pay for tipped workers did not pass, and voters similarly voted to enshrine abortion rights.It's happened before: In 2020, Florida voters wholeheartedly embraced Trump — and voted to <a target="_blank" href="https://www.businessinsider.com/florida-minimum-wage-rise-vote-amendment-15-tipped-employees-workers-2020-11">hike the minimum wage to $15 by 2026</a>.It's further proof that this election really was all about the economy."People are right now still feeling the effects of high inflation," Yannet Lathrop, a senior researcher and policy analyst at the National Employment Law Project, said, adding, "When they have before them an opportunity to raise the wage of themselves or their family members or friends, they are going to choose to do that because they still are feeling the effects of high inflation. "David Cooper, the director of the Economic Analysis and Research Network at the left-leaning Economic Policy Institute, told BI there's been a "real sea change" in people's <a target="_blank" href="https://www.businessinsider.com/jobs-labor-market-federal-minimum-wage-raise-small-business-2024-8">understanding of the impact of hikes</a>. Both he and Lathrop have observed a move away from the belief that higher minimum wages would lead to fewer jobs and toward <a target="_blank" href="https://www.businessinsider.com/what-a-15-minimum-wage-would-mean-businesses-workers-employment-2021-1">research</a> showing that pay hikes mean higher pay with <a target="_blank" href="https://www.businessinsider.com/the-fed-raising-the-minimum-wage-doesnt-kill-jobs-2019-9">minimal job loss</a>."Raising the minimum wage almost always has bipartisan support except among elected Republican officials. So there is a disconnect between what elected Republicans want to do around minimum wage policy and what their voters overwhelming — at least by and large — tend to want them to do," Cooper said.When Democrats brought a bill that would raise the minimum wage to $15 in 2021, it received <a target="_blank" class="" href="https://www.politico.com/news/2021/03/05/democrats-15-minimum-wage-hike-473875">zero GOP support</a>, with <a target="_blank" class="" href="https://www.businessinsider.com/8-democrats-voted-against-raising-minimum-wage-worth-43-million-2021-3?utm_source=reddit.com">8 moderate Democrats</a> also voting the measure down.Trump has <a target="_blank" class="" href="https://www.npr.org/2024/11/01/nx-s1-5173819/2024-election-trump-harris-workers-overtime-wages">signaled</a> he'd be open to a minimum wage hike. Vice President-elect JD Vance cosponsored <a target="_blank" class="" href="https://www.romney.senate.gov/wp-content/uploads/2023/09/Higher-Wages-for-American-Workers-Act-2023.pdf">a GOP bill</a> to raise the federal minimum to $11 an hour, but it never made it to a vote.Georgetown University Professor Jason Brennan told BI that it isn't strange many Americans who vote Republican also vote for a higher minimum wage.Brennan said that most partisan voters don't actually have a strong sense of policies they favor; they favor a party rather than its ideology. Swing voters tend to vote for both right-wing and left-wing ideologies. In a high-price environment, that can lead to a voter opting for both Trump and higher pay."They're looking at the fact that things are expensive, and they're just trying to think of what policies they think might address that," Brennan said.After all, getting paid more matters to Americans across the <a target="_blank" class="" href="https://www.businessinsider.com/2024-election-democrats-republican-opinions-abortion-guns-climate-childcare-marijuana-2024-8#but-americans-are-united-in-believing-that-the-country-spends-too-little-on-childcare-2">political spectrum.</a>"My takeaway would be regardless of what party you are, if you are not speaking to people's pay and job conditions and not supporting measures that will clearly improve job quality for people, then you're missing an opportunity to generate support," Cooper said.Did you vote for Trump and a higher minimum wage? Contact this reporter at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

Red, blue, and green: US voters elected minimum wage increases

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

<ul class="summary-list"><li>US stocks were lower Monday as investors braced for the US presidential election. </li><li>Record voter turnout is expected, with over 76 million early votes already cast.</li></ul>US stocks traded slightly lower on Monday as investors prepared for an action-packed week of events.All eyes are on the US Presidential election, with polls set to close Tuesday evening. So far, more than 76 million Americans have voted via mail-in ballots or via early in-person voting, suggesting potential record turnout this year. After <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-iowa-polling-lead-swing-states-2024-11">a shock Iowa poll showed Kamala Harris leading the state</a> against Donald Trump over the weekend, betting odds have tightened in the race after Trump spent the weeks leading up to the vote far ahead of Harris. For a full rundown of the implications for the economy and stock market based on who wins the election, read BI's deep dive on <a target="_blank" class="" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">the potential impacts here.</a>After the election, investors will shift their attention to the Federal Reserve. The central bank's FOMC meeting is scheduled for Wednesday and Thursday, <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">with an interest rate decision expected on Thursday.</a>According to the CME FedWatch Tool, markets see a 96% chance of the Fed cutting rates by 25 basis points.Investors will also pay attention to initial jobless claims and productivity data, set to be released Thursday morning.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,711.31, down 0.31%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,893.80, down 0.38% (-158.39)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,121.72, down 0.62%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/berkshire-hathaway-apple-stake-cut-quarterly-earnings-2024-11">Berkshire Hathaway trimmed its stake in Apple again. The conglomerate is now sitting of $325 billion in cash.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11">The US is pumping more oil than ever, and it's complicating things for crude-exporting countries.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia will replace Intel in the Dow Jones Industrial Average, and Sherwin-Williams will replace Dow.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">Wall Street professionals expect Donald Trump to win the Presidential election, according to a new survey.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 2.59% to $71.29 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 2.42% to $74.87 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> jumped 0.19% to $2,754.30 an ounce.</li><li>The 10-year Treasury yield declined 11 basis points to 4.284%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> decreased 0.17% to $68.627.</li></ul>

You Searched For "US elections impact" and got 9 results

US Fed cuts interest rates by 25 bps, Powell notes Trump's victory to have no impact on policy decisions

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Rupee hits record low of 84.23 against US dollar amidst US elections 2024

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How the election will impact your wallet

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Parenthood — and the choice to be childfree — is at stake this election. 3 Americans explain how it's impacting their vote.

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Red, blue, and green: US voters elected minimum wage increases

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Indian markets under pressure as global rate cuts stir uncertainty, new report says

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Stock market today: Indexes trade lower as investors brace for US election

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