New York, USA – Business leaders in New York express relief over President-elect Donald Trump’s choice for Treasury secretary, hedge fund executive Scott Bessent. This decision came after some unconventional selections for other cabinet positions. Bessent’s background as a global investor working with renowned money managers and supporting both Republicans and Democrats has calmed the concerns of business leaders and financial markets.

Bessent, known for his work with legendary investors like Jim Rogers and George Soros, is seen as a safe and stable choice for the crucial role of Treasury secretary in the incoming administration. His appointment has led to a positive response in the stock market, with the Dow surging almost 500 points while the S&P 500 and Nasdaq Composite also showing gains. Additionally, Treasury yields decreased, and the dollar weakened following the news.

Notable figures in the business world, such as JPMorgan Chase CEO Jamie Dimon, have expressed support for Bessent’s appointment. Dimon, considered one of the most powerful executives on Wall Street, praised Bessent as an excellent choice for the Treasury role. This sentiment is echoed by Jeffrey Sonnenfeld, founder of the Yale Chief Executive Institute, who describes Bessent as reasonable and pragmatic.

Bessent’s selection as Treasury secretary is crucial given President-elect Trump’s focus on economic issues and public frustration with living costs. As a key player in executing Trump’s economic agenda, Bessent is expected to bring a moderate approach to some of the more aggressive promises made during the campaign, particularly in relation to tariffs and deportations.

While many investors are optimistic about Bessent’s appointment, there are concerns about how his policies will impact everyday Americans. Some critics worry that Bessent’s expertise may cater more to wealthy individuals and corporations rather than addressing the needs of working-class families. The debate over tariffs and economic policies is ongoing, with differing opinions on the potential consequences for inflation and consumer prices.

Overall, Bessent’s nomination has stirred both confidence and skepticism in various sectors, highlighting the complexities and uncertainties surrounding economic policy in the upcoming administration.