Axios interview: Treasury frontrunner Scott Bessent, Wall Street's "quiet killer"
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Scott Bessent speaks at a Trump event on the economy in Asheville, N.C., in August. Photo: Matt Kelley/AP
Scott Bessent, the frontrunner to be President-elect Trump's Treasury secretary, tells Axios criticism by Nobel economists and other experts that Trump's proposals could ignite an inflation bomb belies the campaign's big takeaway — that working-class Americans are struggling financially.
- "The idea that he would recreate an affordability crisis is absurd," Bessent, 62, founder of Key Square Group and a former George Soros money manager, said in a phone interview.
Why it matters: Trump's choice for Treasury secretary will play a huge role in delivering on his victory-speech promise of a new American "golden age."
- The economy will be a great gauge of Trump's second-term success: Voters last week screamed their dismay about the country's direction, with polls showing rising costs as a huge national worry.
The backstory: Bessent (pronounced BESS-ent), who lives in South Carolina, is highly respected among Wall Street moguls, has been called the "quiet killer" for his finesse with massive trades. He's comfortable talking to both Bloomberg and Fox News, where he writes and is a frequent guest.
- He tells Axios Trump "regards himself as the mayor of 330 million Americans, and he wants them to do great, and have a great four years."
Behind the scenes: Bessent, polite but steely, is both qualified and MAGA. A person close to Trump tells us Bessent has "many fans in Trumpworld," and that the president-elect is "very high on him."
- Other Treasury candidates in the Mar-a-Lago mix include Howard Lutnick, co-chair of Trump's transition.
What they're saying: Stan Druckenmiller, a legendary hedge-fund titan who has known and worked with Bessent for four decades, told Axios he "can't think of an area in global investing that he hasn't had to deal with."
- "He's the only guy I know who's not only a market participant but very fluent and comfortable in academic circles," Druckenmiller said, adding that Bessent has a rare combination of IQ and EQ (emotional quotient).
Reality check: Bessent — who keeps stacks of his favorite books in his office (including Walter Isaacson's "Leonardo da Vinci") to give to visitors — lacks extensive government experience. So he'd have a steep learning curve.
- Some Trump loyalists see Bessent as insufficiently supportive of the president-elect's tariff proposals, Politico reported.
- But Jason Trennert — a Trump donor and CEO of the Wall Street firm Strategas, who has known Scott for more than two decades — told Axios: "Scott is 100% aligned with President Trump on tariffs. He has touted the president's negotiating skills. His market knowledge will allow for maximum pressure and revenues, with minimal economic disruptions."
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