The market reaction to President-elect Donald Trump’s nomination of hedge-fund manager Scott Bessent to be the next US Treasury secretary is affirming investors’ fervent hope for the incoming administration: the primacy of market-friendly over disruptive policies.
Personnel, to a certain extent, is policy, so in appointing a seasoned Wall Street vet to this position, it’s a reminder to investors how much Trump cares about the stock market. Remember that Trump’s former Treasury Secretary Steven Mnuchin said in 2017 that the administration viewed the stock market as its “report card.”
“Bessent is unanimously viewed as the voice of reason choice across the spectrum,” wrote Brent Donnelly, president of Spectra Markets. “Everyone from Steve Bannon to Jamie Dimon to Jason Furman to Dan Loeb approves.”
It’s no surprise that Wall Street thinks that one of the presumptive beneficiaries of the incoming administration will…
