In 1st press conference, Obama says transition well under way

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By NEDRA PICKLER, Associated Press Writer

CHICAGO (AP) - President-elect Obama says his transition team will be closely monitoring developments in the reeling economy.

But at the same time, Obama told a news conference Friday that he respects that the decisions are President Bush's to make until inauguration day next Jan. 20.

Obama, who soundly defeated John McCain in Tuesday's elections, also said he wasn't ready to announce any selections for his Cabinet.

He said, "When we have an announcement about Cabinet appointments, we will make them." He also said he understands that "people want to know who's going to make up our team."

Rep. Rahm Emanuel, whom he already has selected to be White House chief of staff, was at his side.

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