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President-elect Donald Trump has nominated Russell Vought, a co-author of Project 2025 and former OMB director, to lead the Office of Management and Budget. Trump praised Vought as a strong advocate for cost-cutting and deregulation, emphasizing his role in advancing the America First Agenda. If confirmed, Vought will oversee budgetary matters and the implementation of Trump's policies across federal agencies.
Scott Bessent, head of macro hedge fund Key Square Group, has been nominated by President-elect Donald Trump to be the US Treasury Secretary, signaling a potential shift in fiscal policy. As bond investors await further insights into Bessent's economic strategies, the $28 trillion US Treasuries market remains closed until trading resumes in Asia.
President-elect Donald Trump is poised to appoint prominent investor Scott Bessent as the U.S. Treasury secretary. This role is crucial, overseeing significant economic, regulatory, and international matters within the cabinet.
President-elect Donald Trump is set to nominate hedge fund executive Scott Bessent as Treasury secretary, a role critical for advancing his economic agenda. Bessent, founder of Key Square Group, is known for his market expertise and advocacy for tariffs, deregulation, and energy independence. However, his previous ties to George Soros may pose challenges during the confirmation process.
The Trump team is set to announce Bessent as the new Treasury Secretary, a move that could significantly impact global markets and business dynamics. This development comes amid ongoing discussions about the election's influence on economic trends.
Norway's $1.8 trillion sovereign wealth fund thrives on a rare political consensus, according to CEO Nicolai Tangen. This stability allows for a consistent investment philosophy that remains unchanged despite government transitions, contributing to the fund's success.
UBS remains optimistic about the US stock markets, projecting the S&P 500 to reach 6,300 points by mid-2025 and 6,600 points by year-end, supported by declining inflation, anticipated interest rate cuts, and robust earnings growth. Analyst David Lefkowitz highlights a healthy labor market and investments in technologies like AI as key factors for sustained consumer spending and economic stability, despite potential uncertainties. With expected earnings growth of 11% in 2024, the outlook for US equities remains constructive.
Dr. Ernest Addison, Governor of the Bank of Ghana, highlighted the threats climate change poses to the country's financial stability, particularly through disruptions to infrastructure and agriculture that could lead to increased non-performing loans. He emphasized the need for banks to prioritize sustainability and enhance cybersecurity measures amid the rapid digital transformation in the sector. Collaboration between banking institutions and the Central Bank is essential to address ethical issues and improve credit risk assessments.
The US government's debt load has emerged as the primary risk to financial stability, surpassing concerns about persistent inflation, according to a Federal Reserve survey. This finding highlights worries about fiscal debt sustainability, alongside escalating tensions in the Middle East and policy uncertainty. The survey was conducted by New York Fed staff from late August to late October.
UBS's Reiman suggests that the bond market is not currently focused on the potential for a new Fed chair by 2026, as the existing chair is expected to maintain a restrictive policy. Key factors will include inflation trends and economic conditions, with the possibility of the 10-year yield reaching 4.75% to 5% if inflation remains a concern. The approach to interest rate risk is cautious, reflecting uncertainty about future inflation management.
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Trump nominates Russell Vought to lead Office of Management and Budget
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us debt sustainability emerges as top risk to financial stability
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