Business leaders say they are relieved that President-elect Donald Trump has made the safe choice to lead the Treasury Department after an unusual selection of other cabinet positions.
Hedge fund executive Scott Bessent has weathered infighting over his role as Treasury secretary, a key post that faces near-immediate deadlines and pressure.
Mr. Bessent’s background as a global investor who has worked with legendary money managers and supported both Republicans and Democrats has soothed fears among business leaders and financial markets.
On Monday morning, Dow futures were up more than 300 points, while S&P and Nasdaq 100 futures were up 0.5%. U.S. Treasury yields fell and the dollar weakened.
“There’s a huge sense of relief,” said Jeffrey Sonnenfeld, founder and director of the Yale Institute for Chief Executive Officers. “Mr. Bessent is reasonable and realistic.”
JPMorgan Chase CEO Jamie Dimon, one of Wall Street’s most powerful executives, is also a fan. A source close to Mr. Dimon told CNN on Sunday that Mr. Dimon has very high praise for Mr. Bessent and believes he is a great choice.
Mr. Bessent, 62, has worked with some of the world’s most prominent investors, including Jim Rogers, Jim Chanos, Stanley Druckenmiller and George Soros.
The Treasury secretary role is one of the most important in any administration, but especially so given President Trump’s focus on the economy and voters’ deep dissatisfaction with the cost of living.
Bessent will serve as President Trump’s quarterback and implement economic policy. And for this key position, Mr. Trump chose a candidate not expected to provoke a contentious confirmation battle.
Mr. Sonnenfeld, known in the business Rolodex as the “CEO Whisperer,” believes Mr. Bessent could ease some of President Trump’s more aggressive campaign promises, which mainstream economists fear will reignite inflation. – Said it was America’s hope.
This includes mass deportations that could starve workers in key industries and could impact Federal Reserve policy and across-the-board tariffs on all $3 trillion worth of U.S. exports. .
Read more about business leaders’ reactions to President Trump’s Treasury Secretary nomination here.
