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Speaking for the first time since America's presidential election, President Joe Biden said that he would work with Donald Trump to ensure a peaceful and orderly transition.

He praised Kamala Harris for her campaign and told Americans that, quote,

you can't love your country only when you win.

He also touted his legacy, saying that he was, quote, leaving behind the strongest economy in the

world. Mr. Trump picked Susie Wiles, his de facto campaign manager, to be his chief of staff,

his first major appointment since winning the election. He praised the unassuming Ms. Wiles for helping him achieve,

quote, one of the greatest political victories in American history. He reportedly also considered

Kevin McCarthy, the ex-house speaker and Brooke Rollins, who runs the American First Policy Institute,

a Trump-aligned think tank for the role.

America's Federal Reserve cut its benchmark interest rate by a quarter of a percentage point

to a range of 4.5 to 4.75%. In a statement, the Fed said the inflation had eased

and that unemployment had notched up but remains low.

Jerome Powell, the Fed Chair, said he would not resign if Mr. Trump asked him to because such meddling was, quote, not permitted under the law.

Vladimir Putin, Russia's president, congratulated Mr. Trump on his victory, calling him a, quote,

brave man for surviving an assassination attempt in July. Meanwhile, Vladimir Zelensky, Ukraine's president,

...