Scott Bessent is a hedge fund manager who investors believe will balance Trump's economic promises with fiscal reality as treasury secretary.

Yields on 10-year treasuries slipped to their lowest in nearly a month after Trump's selection of a top cabinet post allayed some investor concerns that the new president would aggressively raise tariffs,

When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

The market had its second-biggest advance this year on Monday on speculation Bessent would be able to modify Trump’s plans. “All else equal, tariffs put upward pressure on inflation and they put downward pressure on growth,

President-elect Donald Trump has referred to his Treasury pick, billionaire hedge fund manager Scott Bessent, as "one of the most brilliant men on Wall Street."