The Republican Party strikes first, winning the Senate.

BlockBeats News, November 6th, in the U.S. presidential election, the Republican Party took the lead in winning control of the U.S. Senate, giving the Republican Party significant influence in the high-stakes tax and spending battle and holding ultimate decision-making power over the next president's executive and judicial nominations.

The prospect of Trump winning the presidential election has grown, triggering a sharp sell-off in the bond market as traders speculate that his tax cuts and tariff policies would exacerbate inflationary pressures and keep the federal funds rate elevated.

Any new tax legislation would need approval from the Republican-controlled Senate, but the power balance on how to deal with expiring tax cuts still depends on which party controls the presidency and the U.S. House of Representatives.

The Democratic Party even holds a slim majority in the Senate in this election, and since senators have six-year terms, only one-third of senators face reelection in this election. (FX168)