'Sigh of relief': Wall Street welcomes Donald Trump's pick of Scott Bessent for Treasury secretary

Contributing sentiments towards policy:

67% : Steve Moore, an economist close to Trump who speaks with Bessent weekly, characterised him as a "financial markets genius" and a "renaissance man" given his vast knowledge of economic and financial affairs.
52% : The overarching fear, however, is that Trump will more directly encroach on the Fed's independence in his second stint in the White House, either by seeking to unseat Powell before his term expires in May 2026 or nominating a new chair more amenable to influence when the seat opens up.
36% : In picking Bessent, Trump has broken from the mould that shaped his other senior cabinet picks.
35% : If confirmed by the Senate, Bessent will have no shortage of challenges to tackle, including shepherding sharp tax cuts into law, liaising with unnerved trading partners over tariff negotiations, and dealing with the economic fallout if Trump follows through with his pledge to deport immigrants en masse.

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