Bessent's Treasury Appointment Shakes Markets, Signals Economic Shift
TL;DR Summary
The US dollar weakened as President-elect Donald Trump appointed Scott Bessent to a Treasury role, halting the currency's post-election rally. The dollar index fell by up to 0.7% in Asia before recovering slightly. Investors are optimistic that Bessent, a hedge fund manager, will moderate Trump's aggressive tariff policies and address the fiscal deficit. European markets rose, and US Treasury yields fell, while major Asian markets also saw gains following the announcement.
- Dollar falls after Trump names Bessent to Treasury role Financial Times
- Scott Bessent Sees a Coming ‘Global Economic Reordering.’ He Wants to Be Part of It. The Wall Street Journal
- Trump’s Treasury Pick May Give China Breathing Room Over Tariffs Bloomberg
- Bonds bounce, dollar dips on Bessent pick Reuters
- Stock Market News: Dow Futures Rising After Trump Appoints Bessent Treasury Secretary Barron's
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