Update [6:39 p.m. EST]: The Wall Street Journal is reporting that sources confirms that President-elect Donald Trump has chosen hedge-fund manager Scott Bessent as Treasury Secretary:

WASHINGTON—Donald Trump has selected hedge-fund manager Scott Bessent to lead the Treasury Department, according to people familiar with the matter, elevating one of the finance world’s most vocal supporters of the president-elect to a crucial position overseeing the incoming administration’s economic agenda. 

Bessent in recent months has become a key economic adviser to Trump and his team. He has defended Trump’s economic proposals in the midst of opposition from some on Wall Street, who worry that the president-elect’s pledge to impose sweeping tariffs will trigger trade wars and ultimately lead to higher prices for American consumers.

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A spokeswoman for Trump’s transition team did not immediately respond to a request for comment.

Original

President-elect Donald Trump has tapped billionaire hedge fund manager and investor Scott Bessent to serve as Secretary of the Treasury, according to multiple reports.

Bessent is billed as a crypto-currency enthusiast and an advocate of deregulation. He will also be a key figure in using America's economic power to support its diplomatic priorities.

He has advocated for his version of Japan's "three arrows" plan as a focus for economic revitalization: 3% real growth, a deficit of 3% of GDP, and "3 million more oil barrels flowing a day from U.S. energy production."

Following the trend set in other announcements this week, Bessent has been a Trump loyalist since his first term despite being an Al Gore fundraiser in 2000 and one of George Soros's inner circle. 

Bessent is a known quantity on Wall Street and has Trump's trust. Those qualities, in combination, promise a swift end to the stagflation of Bidenomics.