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.

Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.

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.

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.

Markets looked favorably Monday morning on President-elect Donald Trump's presumptive nominee for Treasury secretary, as equity futures rose and Treasury yields fell. The move to put hedge fund magnate Scott Bessent in the position now held by Janet Yellen sent a message that Trump wants someone with strong market credentials as well as a similar philosophy for the role.