From his years working for George Soros to his role as a key economic advisor to Trump, Bessent has extensive if contradictory Wall Street experience.

The benchmark U.S. 10-year yield, which moves inversely to bond prices, is hovering near a five-month high as traders fret about the potential for a rebound in inflation and increase in the federal budget deficit from Trump’s economic plans such as tax cuts and import tariffs.

Trump’s pick for the next Secretary of the Treasury is an openly gay man, married to his husband, John Freeman. Find out more about whether the couple has kids here.