The Treasury Secretary Pick Will Move Markets

seekingalpha11-19 22:16

Stocks rebounded as long-term interest rates fell and the dollar weakened, with the focus shifting to Trump's cabinet appointments, particularly the Treasury Secretary.Investors prefer Scott Bessent ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Treasury Secretary Pick Will Move Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-19 22:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4738646-the-treasury-secretary-pick-will-move-markets><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rebounded as long-term interest rates fell and the dollar weakened, with the focus shifting to Trump's cabinet appointments, particularly the Treasury Secretary.Investors prefer Scott Bessent ...</p>\n\n<a href=\"https://seekingalpha.com/article/4738646-the-treasury-secretary-pick-will-move-markets\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NDX","symbol_name":"纳斯达克100指数","start_time":0,"source_url":"https://seekingalpha.com/article/4738646-the-treasury-secretary-pick-will-move-markets","article_id":"2484794041","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1166130887/image_1166130887.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2484794041","pubTimestamp":1732025774,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Stocks rebounded as long-term interest rates fell and the dollar weakened, with the focus shifting to Trump's cabinet appointments, particularly the Treasury Secretary.Investors prefer Scott Bessent f","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NDX":"纳斯达克100指数"},"translate_title":"财政部长人选将影响市场","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NDX":0.9},"content_text":"Stocks rebounded as long-term interest rates fell and the dollar weakened, with the focus shifting to Trump's cabinet appointments, particularly the Treasury Secretary.Investors prefer Scott Bessent for Treasury Secretary due to his market experience and less aggressive stance on tariffs, which could stabilize markets.Tariffs are a major concern, with companies like Steven Madden and Home Depot expediting imports, potentially boosting short-term growth but risking long-term economic impact.The Treasury Secretary's role is crucial for shaping economic policies affecting inflation, interest rates, and overall market performance.P_Wei/iStock Unreleased via Getty Images  Stocks rebounded yesterday after last week's selloff, consolidating the post-election gains, or what was left of them. It helped that long-term interest rates, as measured by the 10-year Treasury yield, pulled back from the 4.5% level with the dollar weakening modestly. There was not a lot of economic news for investors to work with during the trading day, so the focus is shifting to the assembly of the new Trump administration and how his appointments will shape policy in the new year. Finviz The most important cabinet position yet to be filled is also the most important to the market, as the Treasury Secretary is the one who has the most influence in directing economic policy. Investors are hopeful that the person Trump selects has better qualifications than some of his other selections, which was clearly a concern last week, especially with respect to experience in markets. There is also hope that this person will be less of an advocate for the tariffs that Trump has advertised he wants to impose as the centerpiece of his economic and trade policies. At the top of this list is hedge-fund manager Scott Bessent because he is obviously viewed as market savvy with a sensitivity to market performance. As a knowledgeable bond market participant, he would also be sensitive to debt, deficits, and the movement in interest rates. Lastly, he is on record as having been less enthusiastic about the prospect of tariffs, which he has tried to overshadow with more tariff-friendly comments in recent days as he competes for the appointment. I think the market would be thrilled and relieved if he was selected. On the flip side of the coin is Robert Lighthizer, who worked for the first Trump administration as a U.S. trade representative. He is an outspoken advocate of tariffs. I think the market would sell off on an announcement that he had been selected. Another possibility is former Fed Governor Kevin Warsh, who has been critical of the current Fed board, led by Chairman Powell, which puts him in a good light with President Trump. He obviously has the experience to do the job, and I suspect the market would be comforted by his selection as well. It is difficult to tell how much influence he would have when it comes to economic policy. The bottom line is that the markets are not a fan of tariffs, and nor am I. Evidently, the risk that they will be implemented is already starting to influence economic activity by encouraging U.S. companies to expedite imports to front-run tariffs. The retailer Steven Madden told analysts on its earnings call last week that half its business would be adversely affected by Chinese tariffs, so management is pulling forward supplies and inventory. Other retailers including Home Depot and YETI Holdings have said the same thing. This activity in aggregate is likely to impact the capital spending component of the GDP calculation for the fourth quarter of this year and the first quarter of 2025. That will provide a near-term boost to economic growth, but we will be left with a hangover once the tariffs are imposed. The greater risk is how consumers react to the higher prices on goods that are impacted by the tariffs.  This is why the Treasury Secretary appointment is so important to markets. Investors are hoping he will be a voice of reason when it comes to economic policies that will have a huge impact on inflation, interest rates, and the performance of the economy and stock market.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"analysis","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484794041"}