President-elect Donald Trump's flurry of announcements regarding Cabinet nominees has left investors with one unexpected headache: a suddenly cloudy picture of who will take the all-important position of Treasury secretary. Wall Street had been anticipating that Trump likely would hand the job to Scott Bessent, founder of Key Square Group and leader of a core group of candidates that includes Sen.
That, in turn, could cause the Fed to take a more cautious approach to anticipated rate reductions, setting up a potential clash with Trump. One somewhat new name to emerge into the Treasury conversation is former Fed governor Kevin Warsh. Speculation had been that Warsh would be a potential successor to Fed Chair Jerome Powell when the latter's term expires in 2026. However, the Wall Street Journal reported Sunday that Warsh also has emerged as potential Treasury contender.
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