Hello from CNN, I'm Joe Beck, with the five things you need to know for Thursday, November 7th.

As the transition of power begins, President Joe Biden is set to address the nation this morning at 11 a.m. Eastern Time.

An official said he spoke with President-elect Donald Trump yesterday to congratulate him on his win and invite him

to the White House. Trump's campaign said he appreciated the call, and he planned to meet the

president soon. Meanwhile, we're learning more about the fate of Trump's outstanding federal charges,

as CNN's Zachary Cohen explains. Yeah, good morning, Joe. Special Counsel Jack Smith and Justice Department officials are in talks about how to

wind down the two federal criminal cases against Donald Trump, trying to wrap up both those cases

before Donald Trump is sworn in.

Trump has repeatedly said that he would fire Jack Smith in two seconds once he takes office

and would move to have both these cases dismissed.

It's looking like that won't be necessary as these cases will be wrapped up before he takes office.

The Federal Reserve is set to announce interest rate cuts later today for the second time this year.

But a Trump presidency could lead to fewer cuts in the future.

CNN's Matt Egan has more.

The market's pricing in about a 99% chance, 98% chance of a quarter of a point cut today.

But the big question really looming over the Fed right now is how does this Trump victory

change things going forward?

Does the Fed maybe dial back its plans to cut interest rates in the coming months?

How do they think about the fact that Trump has proposed all of these tariffs and how

inflationary that could be?

And another big question is, how is Fed share Jerome Powell going to work with this next Trump White House?

Trump has argued that the president should have a greater voice and interest rate policy,

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