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What Trump's pick for Treasury secretary could mean for global markets
Scott Bessent speaks at the National Conservative Conference in Washington D.C., Wednesday, July 10, 2024.
Dominic Gwinn | Afp | Getty Images
Financial markets on Monday welcomed President-elect Donald Trump’s pick for U.S. Treasury secretary, with currencies across the globe rallying on hopes that hedge fund manager Scott Bessent can take some of the sting out of Trump’s more extreme economic views.
The U.S. dollar index, which measures the greenback against six major currencies, fell 0.5% to 107.01 on Monday, paring some of its recent gains after a remarkable rally since late September.
The euro was a top performer, rising 0.7% to trade at $1.049 at 12:50 p.m. London time. The Japanese yen, pound sterling and Antipodean currencies were also trading higher against the dollar.
The moves come as global investors reacted to news from late Friday that Trump signaled his intention to nominate Bessent to lead one of the most influential roles in U.S. government. The Treasury Department has broad oversight of tax policy, public debt and international finance.
Strategists regard Bessent, the founder of Connecticut-based investment firm Key Square Group, as a “safe pair of hands,” a well-known market participant and a more moderate pick compared to some of his rivals.
It is expected the 62-year-old will push for Trump to consider a softer approach to tariffs, strip back regulation to boost growth and target a reduction in deficit spending.
“Trump’s pick for Treasury Secretary has swelled investor sentiment further with stocks on Wall Street looking set for another flurry of gains,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said in a research note.
“Hedge fund manager Scott Bessent’s long career of navigating the twists and turns of markets, has boosted confidence about incoming pro-business policies and lifted hopes that any tariffs would be highly targeted and potentially less inflationary in nature,” she added.
A ‘layered’ approach to tariffs
Trump’s historic election victory earlier this month ratcheted up concerns about the prospect for higher prices, prompting strategists to rethink the outlook for global bond yields and currencies.
It is widely thought that Trump’s pledge to introduce tax cuts and steep tariffs could boost U.S. economic growth — but widen the fiscal deficit and refuel inflation.
An employee sorts navel oranges at a fruit processing factory of Nongfu Spring on November 23, 2024 in Xinfeng County, Ganzhou City, Jiangxi Province of China.
China News Service | China News Service | Getty Images
In an effort to raise revenues, Trump has suggested he could impose a blanket 20% tariff on all goods imported into the U.S., with a tariff of up to 60% for Chinese products and one as high as 2,000% on vehicles built in Mexico.
While many economists are skeptical about the effectiveness of tariffs, Bessent has defended them as “a useful tool for achieving the president’s foreign policy objectives.” He has also, however, called for tariffs to be “layered in” gradually.
“News that Scott Bessent is the top choice for incoming US Treasury Minister has raised the possibility that some ‘Trump trades’ may be watered down,” analysts at Rabobank said in a research note.
“Bessent, a successful macro hedge fund manager, is associated with a preference to reduce the US budget deficit to 3% of GDP, which clearly suggests less appetite for deficit spending,” they added.
Bessent, who once worked for billionaire philanthropist and investor George Soros, has advocated for a so-called “3-3-3” target, which refers to a plan to cut the deficit to 3% by 2028, achieve 3% economic growth and add 3 million new barrels of oil per day.
Business as usual?
Some strategists expect Trump’s Treasury chief pick to be welcomed as good news for Asian currencies over the coming months.
“The market view that Bessent is a ‘safe hands’ candidate, may see some relief rally in Treasuries from the open on Monday, as the risk of a more unorthodox candidate is priced out,” Scott Spratt, strategist at Societe Generale Corporate and Investment Banking, said in a research note.
“We suspect his view that tariffs should be ‘layered’ and that initial levels being discussed are ‘maximalist’ positions, should also provide an opening boost to Asia FX and [the Chinese yuan],” he added.
U.S. President-elect Donald Trump prepares to exit after viewing the launch of the sixth test flight of the SpaceX Starship rocket in Brownsville, Texas, U.S., November 19, 2024.
Brandon Bell | Via Reuters
Tesla CEO Elon Musk suggested that nominating Bessent as Treasury chief would be a disappointment. In a social media post via X on Nov. 16, Musk described Bessent as a “business-as-usual choice,” adding that “business-as-usual is driving America bankrupt.”
Bessent has also been an advocate of Trump’s embrace of the crypto industry, which means he could soon become the first Treasury chief openly in favor of crypto assets. Trump has previously pledged to make America “the crypto capital of the planet.”
Bitcoin breached the $99,000 level for the first time last week as investors continue to price in Trump’s return to the White House.
Algae turns the newly repainted Lincoln Memorial Reflecting Pool green on the National Mall on Tuesday in Washington, DC.
Chip Somodevilla/Getty Images
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Chip Somodevilla/Getty Images
WASHINGTON — The Lincoln Memorial reflecting pool is once again making headlines, this week for turning green.
The Washington, D.C. landmark was refilled with water earlier this month after President Trump had its neutral grey bottom repainted “American flag blue.” The multi-million dollar project produced subtle results in the eyes of many observers, even as Trump and Secretary of the Interior Doug Burgum — whose agency managed the renovation — touted its success.
In recent days, however, the pool has taken on a verdant hue — the result of algae blooms that experts say are to be expected in these conditions.
“It’s called ‘New Pond Syndrome,’” says Steve Goodale, a Canadian swimming pool specialist known online as “Swimming Pool Steve.” “It’s a known thing that happens when you take a natural, clear body of water like this that sits in an open air environment and you try to start it up, very often you end up with green water almost immediately.”
Goodale says the process took longer — a matter of days — to unfold in this case likely due to the sheer size of the pool, which measures 2,030 feet long and has a surface area of approximately 338,000 square feet.
“Excellent conditions” for algae growth
Rosalina Stancheva Christova, a professor of aquatic ecology at George Mason University in Virginia, took water samples from the pool on Tuesday. She confirmed the algae belongs to the genus Desmodesmus, which she said is “growing in excessive amounts” but is not toxic or harmful.
Christova says this kind of common green algae is found all over the region, especially this time of year. The reflecting pool in particular provides “excellent conditions” for algae growth, she said: shallow, stagnant water, strong sunlight and no shade.
“It could happen every single summer,” she added. “But it seems that the disturbance of the pond during the renovations [is] accelerating this process.”
Christova said last month’s renovations may have affected the balance of nutrients in the pool, potentially accelerating the algae blooms. Goodale similarly views the resurfacing as one of several contributing factors.
“The new, darker interior surface is going to absorb more sunlight,” Goodale says. “It is going to result in water that’s warmer, and that ultimately is going to lead to more prolific algae growth.”
A microscopic slide shows the Desmodesmus algae that quickly turned the Reflecting Pool’s water green. The new dark blue paint of the pool’s lining makes the water warmer and friendlier to the algae growth.
Rosalina Stancheva Christova, PhD.
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Rosalina Stancheva Christova, PhD.
The Trump administration has said the algae came from residual material in supply lines that had lain dormant for weeks. Their growth was likely exacerbated by the extreme temperatures that hit D.C. last week, bringing heat index values to 95 degrees and above.
Algae has resurfaced in the reflecting pool periodically over the years — including immediately after it reopened from its last major renovation in 2012, forcing the National Park Service to drain it, refill it and recalibrate its ozone level. And in 2019, crews had to drain four million gallons from the pool to fix a broken water line that had algae growing in it.
An Interior Department spokesperson told NPR over email that algae and other contaminants have “long plagued the Reflecting Pool since 1922,” pointing to the Obama-era renovation as an example.
“Unlike under Obama and Biden, the National Park Service is actually maintaining the beautifully completed Reflecting Pool,” they added.
Responding with tiny bubbles and big vacuums
Workers battle the fast-growing common algae in the Lincoln Memorial Reflecting Pool on Thursday.
Rachel Treisman/NPR
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Rachel Treisman/NPR
The Trump administration is using a mix of mitigation strategies, including pouring hydrogen peroxide into the water to kill the algae.
The Interior Department says hydrogen peroxide is a “milder treatment than chlorine and is used in spas and specialty pools like natural swimming pools,” adding “there are no harmful side effects to marine life or to the environment.”
Workers are also deploying what the department calls “high-tech nanobubble ozone technology” to neutralize algae and other pathogens in the pool. The department says that approach is validated by several universities and the National Oceanic & Atmospheric Administration.
Those ozone bubbles are so tiny the human eye can’t even see them, Goodale says.
“The best way to describe it is that the bubbles are neutrally buoyant, so they won’t just rise to the surface and disappear readily,” he explains. “They can last for weeks, if not months in the water, doing their oxidizing thing and keeping the algae at bay.”
‘A monumental effort’
Goodale says it’s more complicated than treating the average backyard swimming pool, since the reflecting pool — despite its name — is actually more akin to a “manmade shallow lake.” He says it’s hard to predict just how long it will take to completely solve the algae problem, calling it “a monumental effort, literally.”
The Interior Department posted on X Wednesday that the nanobubble technology had “very effectively killed the algae,” and National Park Service crews would spend several days vacuuming up the dead algae from the bottom of the pool.
But as of Thursday morning, much of the pool — especially in the center — was still bright green.
Work continued on both ends of the pool. Nanobubble machines deposited their tubes into the water, as mobile vacuuming systems known as “trash pumps” hummed loudly from the shore. Handfuls of workers stood either in the pool or on the edge maneuvering long-handled vacuums back and forth. Their contents, including pistachio-colored water, poured out of hoses laying in the nearby grass.
The work zones were marked off by orange cones, but passersby walking the length of the pool appeared relatively unfazed. Some stopped to peer down and snap pictures of the water itself — including sections of paint that had visibly peeled off — while others were more focused on getting a photo of the Washington Monument in the background.
Loay Hidmi was walking deliberately along the edge of the pool closest to the Lincoln Memorial, hands clasped behind his back, looking over the ledge. The relatively new D.C. resident is a civil engineer who specializes in water treatment, and has been coming by the pool all week to see the progress for himself. He estimates it’s about 80% of the way there.
“I’m taking pictures of it … for the last week and I can see the gradual change,” he said. “So I’m hopeful. But we’ll have to see if it gets sustained.”
What happens next?
Hidmi worries that the algae could come back, given the favorable conditions posed by the sunny, shallow pool.
He acknowledges that’s mostly an aesthetic concern, given how much the administration has just spent on repainting the pool, but says it also raises questions about their process.
“In water systems, when you fix something, you need to look at the step before it and the step after,” he said.
Goodale agrees. He says that when a water system is taken offline, the pipes still remain full of water — “they don’t just gravity-drain away” — and need to be flushed out before any refilling. And he says eliminating algae is no substitute for dealing with underlying filtration issues.
“That’s like the equivalent of mowing the lawn when perhaps it needs to be something else that addresses the source nitrates and phosphorus, so that it’s more like pulling the weeds out by the root,” he says.
The algae doesn’t bother the ducklings swimming in the Reflecting Pool. Experts say the hydrogen peroxide used to get rid of the algae is safe for them, too.
Rachel Treisman/NPR
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Rachel Treisman/NPR
In the meantime, Christova, the algae expert, would like to see the water monitored weekly.
“If we don’t have any control over algal growth, we don’t know what is growing,” she said, adding that not all types of algae are as harmless as the one currently blooming in the pool.
When asked about plans for maintenance and algae prevention, White House spokesperson Taylor Rogers told NPR: “Thanks to President Trump, new lining and industrial grade materials will permanently seal the Reflecting Pool, which previously leaked 16 million gallons per year and wasted countless taxpayer dollars.”
Even after the Obama-era renovation, the reflecting pool suffered from broken pipes and water leaks requiring costly refills, according to a Department of the Interior report from fiscal year 2023. It called for new expansion joints, supply and return lines with thicker walls, saying “an improved distribution system will ensure the water can be circulated through the treatment plant, filtered, and treated with ozone.”
This latest renovation does not appear to have addressed the pipe problems, even though it did involve replacing failing expansion joints, resealing the pool, removing truckloads of garbage and “fixing the water system, drainage and so much more,” as Trump wrote on Truth Social in May.
Along the way, the cost of the project grew from Trump’s initial $2 million price tag to at least $14 million. Federal contract records show the government is paying $1.7 million to an Ohio-based company for the nanobubble technology alone.
“The scope of the Project has been greatly enlarged as we became involved because we realized how important it would be to Washington, D.C., and the record number of visitors coming to our now very safe Capital for all of the upcoming events in celebration of our 250th Anniversary,” Trump wrote.
The National Mall is hosting a number of semiquincentennial events on and around July 4, including a weekslong state fair that kicks off Wednesday evening.
Three San Francisco couples set out Monday for their annual road trip to Ashland, Ore., for the town’s famous Shakespeare festival. They drove separately and planned to meet at 6:30 p.m. on the terrace of their favorite Japanese restaurant there.
They had booked a table for six, but only four showed up for dinner.
Judith and Wylie Sheldon were found dead in their running car on the side of the road to Oregon, shocking their friends and family and leaving a hole in San Francisco’s arts and film world.
Ms. Sheldon, 84, was the daughter of William Wyler — who won three Oscars for best director — and chaired the board of the San Francisco Silent Film Festival. Mr. Sheldon, 86, was a prominent lawyer.
David Smith, who had befriended the couple more than 40 years ago, said in an interview that he and the others at the dinner table had grown nervous as time ticked on and their friends did not answer repeated calls to their cellphones. They learned they had not checked into their hotel either.
The friends eventually learned from one of the couple’s sons that the California Highway Patrol had found the couple at 5:46 p.m., both dead inside their running Jeep Compass. It was parked on the side of Interstate 5, north of Redding, Calif., more than 100 miles from their destination, the authorities said. Ms. Sheldon was driving, while Mr. Sheldon was in the passenger seat, according to the authorities.
The Redding area on Monday was under an extreme heat warning issued by the National Weather Service. Temperatures reached 109 degrees, according to the Weather Service.
Mr. Smith said he learned from the son that the couple had been found without any water or other liquids in the car. The fan was on high, but the air conditioning was not working, meaning they might have been blasted with hot air, Mr. Smith said. The windows were rolled down. The car had plenty of gas, and there were no signs of mechanical failure or foul play, Mr. Smith said the son told him.
“They didn’t crash. They stopped. They both just died there,” Mr. Smith said. “The entire thing is so bizarre. We’re still in a state of shock.”
The circumstances and cause of the couple’s death is under investigation but “appears to be medically related,” the Highway Patrol said in a statement.
Whether the heat contributed to the couple’s death “may be determined” by an autopsy, a spokesman for the Shasta County Sheriff’s Office said, adding that one had not been scheduled yet and could take several weeks to complete.
“We’ll just have to see,” the spokesman, Tim Mapes, said.
The Sheldons met at Stanford University and had two sons. They lived in a large home in San Francisco’s upscale Pacific Heights neighborhood that had views of the bay from the front and a garden out back.
They hosted many parties there on behalf of the San Francisco Silent Film Festival and sometimes let revelers pose for photos with Mr. Wyler’s Oscar statuettes. Ms. Sheldon fell in love with silent movies after first seeing those created by her father — before his better known blockbusters like “Ben-Hur” and “Roman Holiday” — only about 30 years ago, said Anita Monga, artistic director of the festival.
Stacey Wisnia, the festival’s executive director, said the couple was generous, delightful and unassuming.
Back in Ashland, Ore., Mr. Smith said the four remaining friends had distracted themselves from their grief by attending plays, including “A Midsummer Night’s Dream” and “Come From Away.” They were able to give away their friends’ tickets.
Ms. Monga had last seen Ms. Sheldon just last month at the film festival, which was held at the newly remade Castro Theater.
“This is such a shock,” Ms. Monga said of the deaths. “Also because it’s still a mystery.”
Luigi Mangione appears for a pretrial hearing at Manhattan Criminal Court in New York, June 17, 2026.
Angelina Katsanis/AP
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Angelina Katsanis/AP
New York — In a dramatic reversal, Luigi Mangione’s legal team on Thursday backed away from a plan to use a psychiatric defense when his case goes to trial in state court in September. Mangione has pleaded not guilty to murdering health insurance CEO Brian Thompson in 2024 on a Manhattan street.
At a hearing only a day earlier before state Judge Gregory Carro, Mangione’s attorneys confirmed that Mangione had been undergoing psychiatric evaluation. They signaled that his defense would be based at least in part on the argument that Mangione was experiencing “extreme emotional disturbance.”
But in a one-line letter sent to Carro on Thursday, Mangione’s team said that “at this time” they no longer intend to introduce psychiatric evidence during the trial. It’s unclear what sparked the shift. Mangione’s team didn’t respond to NPR’s request for comment.
Former Manhattan prosecutor and legal analyst Gary Galperin told NPR it was a “stunning reversal” for Mangione to withdraw from the psychiatric defense. “One can only speculate at this point as to the reasons,” he said.
“What remains, of course, at this point is the question of what defense they will pursue at trial,” he added.
This maneuver came after Carro ordered Mangione’s attorneys to quickly share psychiatric information with prosecutors.
“They need to know what the malady is that this defendant suffers and how that triggered extreme emotional distress,” he said, during Wednesday’s hearing. “I’m not going to let you surprise people on the eve of trial. Get it done.”
Assistant Manhattan District Attorney Joel Seidemann repeatedly complained that Mangione’s team was “stonewalling” the prosecution by withholding medical information about his psychiatric state. “We have gotten nothing,” Seidemann said.
Mangione’s lead attorney Karen Friedman Agnifilo denied her team was delaying the court process or improperly withholding information.
But legal analyst Richard Schoenstein says by withdrawing the psychiatric defense, Mangione’s team “is avoiding the court deadline to produce its psychiatric evidence.”
According to Schoenstein, this latest move “does not entirely foreclose” Mangione’s team from returning to some form of psychiatric argument during the trial, but he added that such a defense would now be far more difficult.
Mangione’s case has drawn worldwide attention. Legal experts say the 28-eight-year old has drawn an unusual level of public support because of his criticism of the health insurance industry. Thompson, a father of two, was CEO of UnitedHealthcare at the time of his murder.
During Wednesday’s hearing, Carro also indicated that a tranche of court documents would be made public that apparently relate to Mangione’s potential psychiatric defense. On Thursday, Carro reversed course.
In a signed order, he said that because Mangione will no longer present psychiatric evidence, “the court’s previous order sealing certain transcripts, emails, and documents, remains in effect.”
Mangione’s state trial is scheduled to begin in early September, with a federal trial expected to take place later.
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