Based on campaign promises, Trump’s primary economic objective appears to be broadening US growth by lifting real — or inflation-adjusted — incomes of middle-class Americans and bringing manufacturing jobs back to the US with significantly reduced immigration.
Wall Street veteran Scott Bessent’s nomination as US Treasury Secretary brings a “business-friendly face” to US President-elect Donald Trump’s coming cabinet, partly easing concerns about protectionist policies, says Standard Chartered.
Trump’s Treasury Secretary pick is a career fund manager who once headed iconic hedge fund manager George Soros’ family office. Given this background, Bessent’s policy outlook is likely to be less ideologically driven than some of Trump’s other cabinet nominations and more based on economic outcomes, says StanChart’s global chief investment office in its latest weekly note, released Nov 29.
