US GSA: President-elect Joe Biden can formally begin transition process

Dhwani Mehta FXStreet

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.

Market reaction

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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