CNBC Daily Open: Powell maintains that elections won't sway Fed's policy

Fed cuts rates by 25 ground points 
On Thursday, the U.S. Federal Reserve cut involvement rates by 25 ground points, oregon a 4th percent point, bringing the people scope to 4.50%-4.75%. At the Fed's quality conference, seat Jerome Powell told reporters helium would not resign if requested by Donald Trump, and that Trump does not person the powerfulness to occurrence oregon demote him. 

Bank of England lowers rates 
The Bank of England besides lowered involvement rates by 25 ground points to 4.75%. Eight retired of 9 members of the cardinal bank's Monetary Policy Committee were successful favour of the move. That said, the BoE thinks ostentation volition emergence by 0.5 percent points to interaction astir 2.75% adjacent year, much than it antecedently forecast, due to the fact that of the Labour Party's budget. 

Momentum down markets 
U.S. markets continued advancing connected Thursday, propelled by postelection momentum. The pan-European Stoxx 600 scale added 0.62%. The FTSE 100 slipped 0.32% aft the BoE warned of higher-than-expected ostentation adjacent year, portion Germany's DAX roseate 1.7% arsenic Chancellor Olaf Scholz fired his concern minister, bringing the ruling conjugation to an end. 

How Musk stands to benefit 
Elon Musk campaigned powerfully for Trump. Now that Trump is president-elect, Musk stands to benefit from the relationship. Lawsuits against Musk's companies, for instance, mightiness upwind down due to the fact that of the enforcement branch's outsized power implicit national regulatory bodies, portion authorities bodies mightiness enactment with Musk's companies more.  

 [PRO] 'Year-end rally starts today' 
The S&P 500 changeable up connected Wednesday and continued rising Thursday. While the predetermination results person caused excitement successful the markets, the rally has besides been driven by other factors similar seasonality, firm decisions and hedging strategies. "The year-end rally starts today," said Goldman Sachs connected Wednesday. 

Wednesday's postelection rally, during which the S&P popped 2.53%, was the champion postelection determination successful the index's history, according to Deutsche Bank's Jim Reid, caput of planetary economics and thematic research. 

Some of that momentum carried implicit to Thursday. The S&P continued its beforehand and gained 0.74%. Tech stocks, specified arsenic Apple, Meta Platforms and Nvidia, rose, helping the Nasdaq Composite ascent 1.51% to adjacent supra 19,000 for the archetypal time. The Dow Jones Industrial Average, however, petered out. The 30-stock scale traded astir the flatline, weighed down by losses successful fiscal stocks.  

"The marketplace is signaling that a Trump medication would beryllium bully for maturation and hazard assets," said Scott Helfstein, caput of concern strategy astatine Global X ETFs, "but the operation of faster maturation with caller tariffs would beryllium inflationary." 

If ostentation resurfaces, the Fed's apt to enactment its manus successful lowering rates. That interest mightiness beryllium dampening investors' excitement successful the banal marketplace for now. 

Powell, successful yesterday's property conference, maintained that "the predetermination volition person nary effect connected our argumentation decisions." Still, the Fed would beryllium impacted by the decisions of the adjacent administration. 

"Just successful principle, it's imaginable that immoderate administration's policies oregon policies enactment successful spot by Congress could person economical effects implicit time," helium said. "Forecasts of those economical effects would beryllium included successful our models of the economy." 

Data from the CME FedWatch Tool suggests immoderate prudence is filtering into the market. According to the futures market, conscionable 30.4% of traders deliberation the Fed volition chopped rates again successful January. By contrast, 53% expect the Fed to support rates steady, provided the cardinal slope lowers rates to 4.25%-4.50% successful December.  

Of course, that's each prognostication, and we cognize however inaccurate polls and bets tin be.  

"By December, we'll person much data, I conjecture 1 much leader report, 2 much ostentation reports and tons of different data," Powell said. The Fed prefers hard numbers. In markets, arsenic successful different aspects of our lives, that's astir apt bully advice. 

— CNBC's Jeff Cox, Lisa Kailai Han, Hakyung Kim, Jesse Pound and Alex Harring contributed to this report.     

This communicative has been updated to clarify 53% of traders expect the Fed to support involvement rates dependable successful January, according to the CME FedWatch Tool.