Monday, December 23, 2024

US Treasury Pick Bessent ‘Is a Fiscal Hawk’: Wall Street Reacts

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Hedge fund chief Scott Bessent’s Friday nomination to become the US Treasury Secretary is offering bond investors a glimpse into the incoming administration’s sweeping economic agenda after an extended search that included multiple prominent contenders.

The $28 trillion market for US Treasuries was already closed for the week when Bessent, who runs macro hedge fund Key Square Group, was officially nominated by President-elect Donald Trump. Until trading resumes early in Asia’s Monday session, investors and strategists are awaiting more details on Bessent’s views on fiscal policy and his next steps.

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