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Putin hails all-but-final election victory but critics made voices heard despite harsh suppression
President Vladimir Putin basked in a victory early Monday that was never in doubt, as partial election results underlined the Russian leader’s total control of the country’s political system.
After facing only token challengers and harshly suppressing opposition voices, Putin was set to extend his nearly quarter-century rule for six more years.
Putin, 71, hailed the overwhelming early results as an indication of “trust” and “hope” in him – while critics saw them as another reflection of the preordained nature of the election.
“Of course, we have lots of tasks ahead. But I want to make it clear for everyone: When we were consolidated, no one has ever managed to frighten us, to suppress our will and our self-conscience. They failed in the past and they will fail in the future,” Putin said at a news conference at his campaign headquarters in Moscow early Monday, hours after polls closed.
If he finishes his upcoming term, Putin will have been in power longer than any Russian leader since Catherine the Great in the 18th century, Agence France-Presse points out.
Any public criticism of Putin or his war in Ukraine has been stifled. Independent media have been crippled. His fiercest political foe, Alexei Navalny, died in an Arctic prison last month, and other major critics are either dead, imprisoned or in exile.
Beyond the fact that voters had virtually no choice, independent monitoring of the election was extremely limited. According to Russia’s Central Election Commission, Putin had some 87% of the vote with about 98% of precincts counted.
But British Foreign Secretary David Cameron wrote on X, formerly known as Twitter: “This is not what free and fair elections look like.”
Ukrainian President Volodymyr Zelenskyy assailed Putin as a “dictator” who was “drunk from power,” AFP reported, adding that Zelenskyy said, “There is no evil he will not commit to prolong his personal power.”
Putin criticism managed to evade suppression
Even with little margin for protest, Russians crowded outside polling stations at noon on Sunday, the last day of the election, apparently heeding an opposition call to express their displeasure with the president.
Lines outside a number of polling stations both inside Russia and at its embassies around the world appeared to swell at that time.
Among those heeding call was Yulia Navalnaya, Navalny’s widow, who spent more than five hours in the line at the Russian Embassy in Berlin. She told reporters that she wrote her late husband’s name on her ballot.
Asked whether she had a message for Putin, Navalnaya replied: “Please stop asking for messages from me or from somebody for Mr. Putin. There could be no negotiations and nothing with Mr. Putin, because he’s a killer, he’s a gangster.”
But Putin brushed off the effectiveness of the apparent protest.
“There were calls to come vote at noon. And this was supposed to be a manifestation of opposition. Well, if there were calls to come vote, then … I praise this,” he said at a news conference after polls closed.
Unusually, Putin referenced Navalny by name for the first time ever at the news conference.
Some Russians waiting to vote in Moscow and St. Petersburg told The Associated Press they were taking part in the protest, but it wasn’t possible to confirm whether all of those in line were doing so.
A voter in Moscow, who identified himself only as Vadim, said he hoped for change, but added that “unfortunately, it’s unlikely.” Like others, he didn’t give his full name because of security concerns.
Meanwhile, supporters of Navalny streamed to his grave in Moscow, some bringing ballots with his name written on them.
Meduza, Russia’s biggest independent news outlet, published photos of ballots it received from its readers, with “killer” inscribed on one and “The Hague awaits you” on another. The latter refers to an arrest warrant for Putin on war crimes charges from the International Criminal Court.
Several people were arrested, including in Moscow and St. Petersburg, after they tried to start fires or set off explosives at polling stations while others were detained for throwing green antiseptic or ink into ballot boxes.
Stanislav Andreychuk, co-chair of the Golos independent election watchdog, said Russians were searched when entering polling stations, there were attempts to check filled-out ballots before they were cast, and one report said police demanded a ballot box be opened to remove a ballot.
That left little room for people to express themselves. Still, huge lines formed around noon outside diplomatic missions in London, Berlin, Paris and other cities with large Russian communities, many of whom left home after Putin’s invasion of Ukraine.
“If we have some option to protest I think it’s important to utilize any opportunity,” said 23-year-old Tatiana, who was voting in the Estonian capital of Tallinn and said she came to take part in the protest.
Putin backers also made feelings clear
Some people told the AP they were happy to vote for Putin – unsurprising in a country where state TV airs a drumbeat of praise for the Russian leader and voicing any other opinion is risky.
Dmitry Sergienko, who cast his ballot in Moscow, said, “I am happy with everything and want everything to continue as it is now.”
Voting took place over three days at polling stations across the vast country, in illegally annexed regions of Ukraine and online.
The leaders of Venezuela, Nicaragua, Cuba and Bolivia congratulated Putin on his re-election, AFP reported. So did North Korean leader Kim Jong Un, according to the Reuters news service.
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Stock market plummets after Fed forecasts fewer rate cuts in 2025
U.S. stocks plummeted in one of their worst days of the year after the Federal Reserve forecast Wednesday it may deliver fewer shots of adrenaline for the economy in 2025 than it had earlier projected.
The S&P 500 fell 178 points, or 3%, pulling it further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6%, while the Nasdaq composite dropped 3.6%.
The Fed said Wednesday it’s cutting its benchmark interest rate for a third time this year, continuing the sharp turnaround begun in September when it started lowering rates from a two-decade high to support the job market. Wall Street loves lower interest rates, but the Dec. 18 cut had been widely expected by Wall Street.
Why is the stock market down today?
Investors were unsettled by the Fed’s forecast for fewer cuts in 2025, even though many economists had already been paring their expectations given sticky inflation.
“Markets have a really bad of habit of overreacting to Fed policy moves,” Jamie Cox, managing partner for Harris Financial Group, said in an analyst note. “The Fed didn’t do or say anything that deviated from what the market expected—this seems more like, I’m leaving for Christmas break, so I’ll sell and start up next year.”
The bigger question centers on how much more the Fed could cut next year. A lot is riding on it, particularly after expectations for a series of cuts in 2025 helped the U.S. stock market set an all-time high 57 times so far in 2024.
Fed officials released projections on Wednesday showing the median expectation among them is for two more cuts to the federal funds rate in 2025, or half a percentage point’s worth. That’s down from the four cuts they had expected just three months ago.
“We are in a new phase of the process,” Fed Chair Jerome Powell said. The central bank has already quickly eased its main interest rate by a full percentage point, to a range of 4.25% to 4.50%, since September.
What happened to the stock market today?
Asked why Fed officials are looking to slow their pace of cuts, Powell pointed to how the job market looks to be performing well overall and how recent inflation readings have picked up. He also cited uncertainties that will require policy makers to react to upcoming, to-be-determined changes in the economy.
While lower rates can goose the economy by making it cheaper to borrow and boosting prices for investments, they can also offer more fuel for inflation.
Powell said some Fed officials, but not all, are also already trying to incorporate uncertainties inherent in a new administration coming into the White House. Worries are rising on Wall Street that President-elect Donald Trump’s preference for tariffs and other policies could further juice inflation, along with economic growth.
“When the path is uncertain, you go a little slower,” Powell said. It’s “not unlike driving on a foggy night or walking into a dark room full of furniture. You just slow down.”
One official, Cleveland Fed President Beth Hammack, thought the central bank should not have even cut rates this time around. She was the lone vote against Wednesday’s rate cut.
Wall Street’s worst performers
The reduced expectations for 2025 rate cuts sent Treasury yields rising in the bond market, squeezing the stock market.
The yield on the 10-year Treasury rose to 4.51% from 4.40% late Tuesday, which is a notable move for the bond market. The two-year yield, which more closely tracks expectations for Fed action, climbed to 4.35% from 4.25%.
On Wall Street, stocks of companies that can feel the most pressure from higher interest rates fell to some of the worst losses.
Stocks of smaller companies did particularly poorly, for example. Many need to borrow to fuel their growth, meaning they can feel more pain when having to pay higher interest rates for loans. The Russell 2000 index of small-cap stocks tumbled 4.4%.
Elsewhere on Wall Street, General Mills dropped 3.1% despite reporting a stronger profit for the latest quarter than expected. The maker of Progresso soups and Cheerios said it will increase its investments in brands to help them grow, which pushed it to cut its forecast for profit this fiscal year.
Nvidia, the superstar stock responsible for a chunk of Wall Street’s rally to records in recent years, fell 1.1% to extend its weekslong funk. It has dropped more than 13% from its record set last month and fallen in nine of the last 10 days as its big momentum slows.
“As we wrote in our 2025 outlook a couple of weeks ago, stretched positioning and sentiment left stocks vulnerable to a sell-off,” Jeff Buchbinder, chief equity strategist for LPL Financial said in a note about today’s market sell-off. “The big jump in inflation expectations and related bond sell-off was a convenient excuse. Once support from tech evaporated, no other groups were able to step in to fill that gaping hole.”
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