Bessent’s 2025 Saw Powell and Argentina Rescues, Deficit Angst

From leading US trade negotiations with China and charting a course for the world’s biggest bond market to calming investors spooked by President Donald Trump’s most aggressive economic announcements, it’s been a busy 2025 for Scott Bessent.

While the Treasury secretary took office in January declaring “Main Street” as his priority, Wall Street can count some great rewards: Investors in the S&P 500 Index have earned a 17% return, Treasuries are up almost 6% and corporate bonds even more.

Some of the stellar returns reflect relief that the worst didn’t happen. Trump reined in the extreme ...