US Treasuries Rally on Bets Bessent Will Soften Trump’s Plans
- Moves gain momentum as oil slides on Middle East reports
- Dollar index extends retreat from last week’s two-year high
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US Treasuries have added to the gains spurred by the late-Friday announcement of Scott Bessent — a Wall Street veteran who investors expect will take the sting out of the administration’s more aggressive trade and economic policy proposals — as President-elect Donald Trump’s Treasury secretary choice.
Monday’s rally trimmed yields by more than 10 basis points across the US curve, gaining momentum in New York trading amid a drop in oil. The dollar slumped by the most in more than two weeks before paring the loss.