Scott Bessent, founder and chief executive officer of Key Square Group LP, at an interview during the Republican National Convention (RNC) near the Fiserv Forum in Milwaukee, Wisconsin, US, on Tuesday, July 16, 2024.
Vincent Alban | Bloomberg | Getty Images
My top 10 things to watch Monday, Nov. 25
1. President-elect Donald Trump’s pick for Treasury secretary, hedge fund veteran Scott Bessent, is viewed as a moderate. It’s a sign from Trump that he cares enough about the deficit and the potential destruction tariffs can cause, and that means it may be a more reasonable administration than we thought.
2. One place where Trump’s pledge of 60% tariffs on imports from China may be fully realized is Chinese steel dumping. It been routed through Mexico. That could help domestic steel producers in the U.S., such as Nucor, but it might be too early to save its next few quarters.
3. Wall Street is set for a higher open, with Bessent’s nomination contributing to the positive sentiment. Bond yields moved lower. Despite a holiday-shortened week of trading, there’s still a number of big events on the docket, including the Federal Reserve’s favorite inflation reading Wednesday. In my Sunday column for Club subscribers, I thanked the short-sighted traders for creating opportunities for long-term investors.
