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.

By Tom Westbrook SINGAPORE (Reuters) -Asian stocks rallied with U.S. equity futures on Monday, while the dollar retreated against rivals as bond yields slid following the selection of fund manager Scott Bessent as the next U.