Bill Dudley, Columnist

Bessent Will Have to Fix America’s Finances. Good Luck With That.

Managing the US Treasury market and the nation’s fiscal trajectory will be a lot more daunting than markets seem to recognize.

November 26, 2024 at 11:30 AM UTC

By Bill Dudley

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

Good luck.
Photographer: Stefani Reynolds/Bloomberg

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Scott Bessent, President-elect Donald Trump’s nominee for US Treasury Secretary, will face two big challenges if confirmed by the Senate: Ensuring that the world’s largest government-debt market functions properly, and pursuing a fiscal policy that doesn’t send the country’s debt-service costs soaring.

I wish him the best. Neither task will be as easy as stock and bond investors seem to believe.