“We are going to make you very happy,” Trump says as Republicans take control of the Senate; Benjamin Netanyahu joins Anthony Albanese in congratulations; Iran’s currency slumps, Tesla surges. Follow live updates.
Donald Trump quickly put his stamp on financial markets as his victory in the US presidential election propelled “Trump Trade” plays across assets. US stocks surged, with S&P futures climbing 2.3 per cent; the dollar posted its biggest gain against major currencies since 2020; Treasury bonds tumbled, sending benchmark yields up by almost 20 basis points; and Bitcoin soared to a record.
The surge in Treasury yields underscores concerns that Trump’s policies will swell an already bloated budget deficit and reignite an inflation spiral that the Federal Reserve was only just finally quelling in the wake of the pandemic. The 10-year breakeven rate, a market gauge of where long-term inflation is heading, surged to its highest levels since April. In the parlance of Wall Street, this is the bond vigilantes exerting pressure on leaders in Washington to keep spending in check.
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