After the Trump administration formally started the transition process on Monday, Dow futures surged 200 points.
According to CNBC, “The move higher in futures came after General Services Administration chief Emily Murphy told President-elect Joe Biden that the Trump administration is making federal resources available for his transition into office.”
In other words, Trump’s campaign-season talking point that a Biden victory would cause a stock market crash appears to be crumbling in real time.
In fact, the stock market seems optimistic about the future of the country under a Biden presidency, particularly given the strong staffing decisions he has made in recent days.
As CNBC also noted on Monday, the news that the president-elect will choose Janet Yellen to be the next Treasury secretary is a sign of good things to come for the economy.
“I think this is a strong sign that Biden will be focused on rebuilding the economy vs. pursuing aggressive regulatory policy,” said Raymond James policy analyst Ed Mills, according to the report. “I would say that is a positive development for the market, but more importantly for the economy as a whole.”
Trump’s ‘transition to greatness’ is finally happening
Over the summer, Trump tried to coin a new campaign slogan that didn’t really make sense for a president seeking reelection: “Transition to greatness.”
The reason it failed, of course, is because the slogan implied that things weren’t currently great, as Trump promised to make them back in 2016 when he rode a slim Electoral College victory to the White House.
But with Biden winning both the popular vote and the Electoral College rather decisively, it appears that the “transition” Trump spoke of is finally starting to happen.
The Lincoln Project even took to Twitter shortly after the transition news broke on Monday to declare, “TRANSITION TO GREATNESS!”
TRANSITION TO GREATNESS!
— The Lincoln Project (@ProjectLincoln) November 23, 2020
As the chaotic, incompetent and exhausting Trump presidency reaches its conclusion, the markets are optimistic about the future of the economy.
Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance coverage.