Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, D.C., June 7, 2024.
The U.S. stock market appeared to cheer President-elect Donald Trump's presumptive nominee for Treasury secretary, who told CNBC earlier in November that he sees an era of strong growth and lower inflation ahead.
Stock market futures rose and Treasury yields tumbled early Monday following the announcement late Friday that Trump would pick Scott Bessent, a familiar Wall Street figure, to take on his administration's most important economic role.
The move sent a message that Trump wants someone with strong market credentials as well as a similar philosophy for the role.
In particular, bond yields have scaled higher, with some interpreting the move as anticipating another leg up for inflation while others see it as traders pricing in stronger growth.
Persons:
Scott Bessent, Donald Trump's, Trump, Sarah Bianchi, Evercore, Bianchi
Organizations:
Key, Washington , D.C, CNBC, Stock, Republicans
Locations:
Washington ,, U.S