In 1992, Bessent helped Soros pull off the firm’s greatest trade: shorting the British pound. The British government was part of the European Union at the time and its central b

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.

In a sea of controversial choices for the incoming administration, the president-elect’s choice for treasury head is being welcomed on Wall Street with open arms. In a sea of controversial choices for his second term,