The dollar fell and US government bonds rallied after Donald Trump picked Scott Bessent to run the Treasury, a Wall Street veteran who investors expect will take the sting out of the administration’s more aggressive trade and economic policy proposals.

US Treasuries have added to the gains spurred by the late-Friday announcement of Scott Bessent — a Wall Street veteran who investors expect will take the sting out of the administration’s more aggressive trade and economic policy proposals — as President-elect Donald Trump’s Treasury secretary choice.

Scott Bessent, Donald Trump's pick for Treasury Secretary, is a veteran Wall Street executive who advised Trump during his presidential campaign and has praised his economic agenda of tariffs, lower taxes,