The US General Services Administration (GSA) told President-elect Joe Biden that the Trump administration has given a nod to commence the formal transition process, CNN reports, citing a letter from administrator Emily Murphy sent on Monday’s American afternoon.
This comes as President Donald Trump finally concedes a defeat and paves way for a smooth transition.
...fight, and I believe we will prevail! Nevertheless, in the best interest of our Country, I am recommending that Emily and her team do what needs to be done with regard to initial protocols, and have told my team to do the same.— Donald J. Trump (@realDonaldTrump) November 23, 2020
Late Monday, the Michigan Board of State Canvassers certified that Democrat Biden beat Republican President Donald Trump in the closely-contested race.
Meanwhile, Biden named top members of his foreign policy team. The President-elect is expected to pick former Federal Reserve Chair Janet Yellen as Treasury Secretary, the Wall Street Journal (WSJ) reported earlier, citing two democratic allies.
Markets seem little affected by the above news, although it’s a positive development considering the long-stretched contested US election outcome.
The US dollar index maintains its overnight consolidation around mid-92s while the S&P 500 futures add 0.20% to trade at 3,583 in early dealings.
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