There’s a lot of speculation around how the incoming Trump administration will approach the U.S. dollar. Hedge-fund manager Scott Bessent, President-elect Donald Trump’s nominee to head the Treasury Department, nodded to the primacy of the dollar’s central role in the global financial system in prepared testimony set to be delivered at his Senate confirmation hearing Thursday morning.
According to the remarks, he will say American officials “must ensure that the U.S. dollar remains the world’s reserve currency.”
Investors will be closely watching Bessent for clues not only to dollar policy, but on tariffs and other economic and fiscal measures. Treasury yields have risen sharply since the fall, with analysts putting the blame in part on nervousness around measures that could stoke inflation concerns.
The hearing is slated to begin at 10:30 a.m. ET. Click the link below for blow-by-blow coverage and analysis.
