President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.

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 Treasury Secretary is a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.

President-elect Donald Trump will nominate Scott Bessent to be his Treasury secretary, offering the hedge fund manager and major campaign fundraiser the preeminent economic post in his administration.

US President-elect Donald Trump on Friday named billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.The nomination of Bessent -- who recently served as an advisor to Trump -- would put him at the forefront of rolling out the president-elect's economic plan,

President-elect Donald Trump will nominate Wall Street veteran Scott Bessent to be the secretary of the U.S. Department of the Treasury, Trump announced Friday night. If confirmed by the Senate to be the department’s 79th secretary,

Donald Trump has nominated hedge fund manager Scott Bessent to lead the U.S. Treasury, ending speculation over who would hold the key economic position. In a statement posted to Truth Social on Friday, Trump championed Bessent as “one of the World's foremost International Investors.”

In addition, Trump rounded out his health team, naming his choices for surgeon general and leaders for the Centers for Disease Control and Prevention and the the Food and Drug Administration.

US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

President-elect Donald Trump says he plans to nominate hedge fund manager Scott Bessent to serve as secretary of the treasury.

Now is one of the stronger times of the year for stocks. pic.twitter.com/Hh4kA7xx6V — Ryan Detrick, CMT (@RyanDetrick) November 26, 2024 The stock market rallied on Monday as investors reacted positively to President-elect Donald Trump’s nomination of Scott Bessent for Treasury Secretary.