The Federal Reserve is expected to lower borrowing costs today. Central bankers the world over are worried about Trump’s policies and how they could lead to slower global economic growth and higher inflation. His win increases uncertainties in Japan for instance, potentially leading to a near-term rate hike there .
Big payday. The net worth of the world’s 10 richest people surged by a daily record of $63.5 billion yesterday. Elon Musk, Jeff Bezos, and Larry Ellison were among the top gainers, with Musk alone adding $26.5 billion to his net worth. But Illinois millionaires beware: Voters in the state approved a proposal to add an extra levy on the income of high earners. And Trump may have lost New York, but his home state did shift right—helping him potentially win the American popular vote.
In corporate news, Qualcomm, the world’s biggest seller of smartphone processors, gave a bullish sales forecast, pointing to bright spots in the mobile device industry. Arm Holdings, the chip designer that went public last year, was more tepid in its outlook . The results show that the phone industry is making an uneven comeback. On a much brighter note, Lyft’s shares surged premarket after signaling success in attracting commuters.