Elon Musk, alongside businessman Vivek Ramaswamy, is set to co-lead a newly created U.S. Department of Government Efficiency under the Trump administration. This agency aims to streamline federal operations by tackling bureaucracy, cutting excessive regulations, and reducing federal spending. Dubbed the “Manhattan Project of our time” by President-elect Trump, the department is intended to introduce a private-sector-driven overhaul of government, allowing Musk and Ramaswamy substantial influence in shaping reforms without requiring Senate approval.
Simultaneously, economic markets are watching for the latest U.S. Consumer Price Index (CPI) report, expected to show a moderate increase in inflation. With core inflation forecasted at 3.3% year-over-year, the data could impact the Federal Reserve’s interest rate strategy in December, especially as inflation remains a central focus for policymakers. Stock futures were slightly down in response to both these announcements, signaling investor caution as they anticipate policy shifts under the new administration and potential rate cuts from the Fed.
