Stock Market Today: Asian shares retreat after Trump’s victory as focus turns to the Fed

mean for the economy and the world.

Trump has promised to slap blanket 60% tariffs on all Chinese imports, raising them still more if Beijing makes a move to invade the self-governing island of Taiwan. On Wednesday, the U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher, however, as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone worried about higher inflation.

Investors see Trump’s policies potentially leading to stronger economic growth. That helps push prices down and yields up for Treasurys. Tax cuts under Trump could further swell the U.S. government’s deficit, increasing borrowing and forcing yields even higher. The yield on the 10-year Treasury jumped to 4.43% from 4.29% late Tuesday, which is a major move for the bond market. It’s up substantially from August, when it was below 4%.

The Fed will announce its latest decision on interest rates Thursday, where the expectation is still for a cut, according to data from CME Group. But traders are already paring back forecasts for how many cuts the Fed will provide through the middle of next year. The price of bitcoin slipped to $$76,165 after hitting an all-time high above $76,480 on Wednesday, according to CoinDesk. Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.AP Race Call: Republican Abraham Hamadeh wins election to U.S. House in Arizona’s 8th Congressional District

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