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Bitcoin since Donald Trump’s US election victory is moderating both in the spot and derivatives markets. The largest digital asset slid below $87,000 at one point on Friday after Federal Reserve Chair Jerome Powell said there was no need to hurry interest-rate cuts. The token later pared back some of its losses trading at $90,265 as of 12:11 p.m. in London.

The BSE Sensex was down 511 points, trading at 77,058, while the Nifty50 was down 162 points, at 23,370 as of 9:46 am.

Elon Musk, the Tesla CEO has pretty recently endorsed a controversial proposal to allow US Presidents to exert control over the Federal Reserve which in recent days is led by Jerome Powell, reported Business Insider. This endorsement actually aligns with US President- elect Donald Trump's ongoing interest in reshaping the Fed's role, as he has already and previously criticized Jerome Powell while suggesting that he should certainly have a say in monetary policy decisions. According to Business Insider, the support of Elon Musk surfaced after he responded positively to a tweet from Senator Mike Lee advocating for the end of the Fed's independence while using the hashtag ‘#EndtheFed’ and a ‘100’ emoji to signal his eventual agreement. Also Read: Mike Tyson vs Jake Paul on Netflix: How to re-watch, watch highlights?

Subscribe to enjoy similar stories. WASHINGTON—In naming a set of unconventional nominees to run federal departments, Donald Trump this week also took steps to push for a broader goal: realigning the balance of power among Washington’s major institutions so that more authority flows from the White House.

global stocks was set for its biggest weekly drop in two months and the 10-year U.S. Treasury yield hit its highest level in 5-1/2 months on Friday as economic data and comments from Federal Reserve officials suggested a slower pace of interest-rate cuts ahead. Fed Chair Jerome Powell said on Thursday the central bank did not need to rush to lower interest rates due to ongoing economic growth, a solid job market and inflation that remains above its 2% target.

Wall Street's main indexes closed lower on Friday, with the S&P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by U.S. President-elect Donald Trump. Federal Reserve Chair Jerome Powell on Thursday cited ongoing economic growth, a solid job market, and inflation above the U.S. central bank's 2% target as reasons it can afford to be careful with the pace and scope of future rate cuts.

The pan-European STOXX 600 index dropped 0.8%, trading just above a three-month low hit earlier this week.

interest rate cuts and with the view that President-elect Donald Trump's policies could be inflationary. The dollar has benefited from market expectation that Trump administration policies, including tariffs and tax cuts, could stoke inflation, leaving the Federal Reserve less room to cut interest rates.

SlateStone Wealth chief market strategist Kenny Polcari discusses Fed Chair Powells job performance and the steps Trump will take to expand the economy on Varney & Co.

Subscribe to enjoy similar stories. A Federal Reserve official said the central bank could eventually need to slow down the pace at which it is lowering rates and said it was too soon to say whether that should happen at the central bank’s meeting next month. Another rate cut in December is “certainly on the table, but it’s not a done deal," said Boston Fed President Susan Collins in an interview Thursday.

Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next

U.S. stocks slipped as the market’s big burst following Donald Trump’s election continued to cool

The number of Americans applying for unemployment benefits fell to the lowest level in six months last week as layoffs remain at relatively healthy levels

Powell, asked at an event in Dallas whether he would consider being the first Fed chair in more than seven decades to remain on the Fed board after no longer serving as its leader, said only that he is committed to serving out his term as chair. «I'll certainly serve to the end… of my chair term,» Powell said. «And that's really all I've decided, and all I'm thinking about.»

Subscribe to enjoy similar stories. Federal Reserve Chair Jerome Powell said recent signs of economic health would allow the central bank to take its time in deciding how quickly to continue reducing interest rates. “The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in remarks prepared for delivery at a talk in Dallas on Thursday.

Wall Street's main indexes closed lower on Thursday after Federal Reserve Chair Jerome Powell dampened investors' hopes for another interest rate cut this year by saying the U.S. central bank need not rush to ease monetary policy. Powell said at a Dallas Fed event that with the economy still growing, the job market solid and inflation still above the 2% target, the Fed can deliberate carefully on rate cuts.

Federal Reserve Chair Jerome Powell said Thursday that strong U.S. economic growth will allow policymakers to take their time in deciding how far and how fast to lower interest rates.

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A Federal Reserve official has given a lengthy defense of the central bank's political independence

First Trust Advisors chief economist Brian Wesbury reacts to Fed Chair Jerome Powell saying he won't resign if President-elect Trump asks on «Making Money.»

Subscribe to enjoy similar stories. US bond markets have had a minor meltdown since former President Donald Trump pulled ahead in prediction markets and then won a second term last week, putting upward pressure on mortgages and other household borrowing costs. If the move continues, it could be a major source of disappointment for voters who trusted Trump to improve housing affordability and the cost of living.