Scott Bessent is the great talisman of Donald Trump’s economic policy. He is the one speaking to Wall Street when Trump bombards the world economy with tariffs. He is the one who calms creditors when there are threats to the independence of the Federal Reserve and the dollar’s price trembles in the foreign exchange market. He is the one who puts water on the boil and tries to give some economic rationality to the American President’s most absurd ideas. There are numerous reports of meetings between the Treasury Secretary and people from banking and markets to avoid panic. The great difficulty is always making the MAGA (Make America Great Again) speech compatible with investor confidence. And it has already been realized that the markets are the great restriction on Trump’s daydreams. “We want to have as many ‘America First’ policies as possible without unleashing the wrath of the markets,” a MAGA hedge fund manager told The Financial Times this week.
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