Scott Bessent, the leader of Key Square Capital and a well-respected figure on Wall Street, has been chosen by President-elect Donald Trump as Treasury secretary.

This decision has been positively received by financial markets, with UBS Global Wealth Management describing Bessent as a source of stability and responsibility.

If confirmed by the Senate, Bessent would be responsible for implementing Trump's economic agenda.

UBS's chief investment officer for the Americas, Solita Marcelli, has noted that Bessent is seen as a "fiscal hawk" and has recently taken a more moderate stance on tariffs, suggesting their use as a negotiation tool.

This appointment could indicate a balanced approach to economic policy within the incoming administration.