Trump’s pick of Bessent as Treasury secretary has calmed some bond market concerns that there will be an
explosion in debt, bond issuance, and aggressive fiscal stimulation of the US economy. Bessent is regarded as a
moderate individual who has a deep understanding of financial markets. He would be well aware of the dangers of
making decisions that could disrupt the markets and undermine the necessary reforms. The USD dipped on the
news and helped most other currency markets, the ZAR included, regain some lost ground.