Scott Bessent as Treasury Secretary Keeps Markets Moving in the Right Direction

Wall Street and the banking industry seem to like the pick of Scott Bessent

11/25/2024 - 10:25
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Written by Banking Exchange staff

The Dow Jones Industrial Average futures continue to grow as Thanksgiving week starts with a 300-point increase with the S&P 500 and Nasdaq moving even higher.

Wall Street and the banking industry seem to like the pick of Scott Bessent as Treasury Secretary, and the markets could not be more bullish on the incoming administration.

Bessent is the founder of the hedge fund Key Square Group and is seen as pro equity markets, balancing Trump’s tariff threats. Treasury yields pulled back as did the United States dollar.

President-elect Donald Trump signaled his intention to nominate Key Square Group founder Scott Bessent as Treasury secretary.

Investors viewed the pick favorably and see the hedge fund manager as someone who will be supportive of the equity market and who may help mitigate some of Trump’s most extreme protectionist policies. Bessent is also seen as an advocate of deregulation.

Despite the slow volume week ahead due to Thanksgiving, eyes will be on the consumption price index for October as inflation is still a major concern for banks and financial markets.

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