When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

With Scott Bessent, consumers eyeing prices and interest rates are getting a Treasury secretary pick who is deeply aware of the big-picture forces pushing and pulling those everyday costs, experts say.

Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures.

If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.

President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.

Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.

Bessent spent his career in finance and gives Wall Street an advocate for tax reform and deregulation. Some call his nomination a 'relief' and say it could reduce the chance of severe tariffs.

President-elect Trump selected billionaire investor Scott Bessent to lead the Treasury Department on Friday as the former president continues to call for an increase in tariffs and major shifts in the country’s global trade operations.