Jerome Powell says Donald Trump can’t fire him, after Fed and BoE cut rates – as it happened

Presidents are not permitted under the law" to fire Federal Reserve chair or demote governors, Powell insists

• Fed chair says he will not resign even if pressured by Trump after interest rate cut
• Bank of England cuts interest rates by 0.25 points to 4.75%
• Wall Street and bitcoin soar to record highs as Trump wins US election

Mark Haefele, chief investment officer at UBS Global Wealth Management, predicts more market turbulence as Donald Trump's policy proposals take shape:

Markets have started to digest Trump's victory, with the initial response pointing to expectations of stronger growth, higher inflation, a slower pace of interest rate cuts, and trade tariffs.

As more detailed policy proposals emerge from the Trump transition team, investors should brace for further swings ahead. We advise investors to be ready to use any outsized market reactions to build stronger long-term portfolios.

The net worth of billionaires led by Tesla's Elon Musk, the world's wealthiest person, surged by $63.5 billion on Wednesday, according to the Bloomberg Billionaires Index.

Musk alone added $26.5 billion to his pot. Amazon.com's Jeff Bezos and Oracle's Larry Ellison were also among the top gainers. It's the biggest daily increase since Bloomberg's wealth index began in 2012.