Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.

US Treasuries have added to the gains spurred by the late-Friday announcement of Scott Bessent — a Wall Street veteran who investors expect will take the sting out of the administration’s more aggressive trade and economic policy proposals — as President-elect Donald Trump’s Treasury secretary choice.

World markets cheered the selection of fund manager Scott Bessent as U.S. Treasury Secretary on Monday on hopes he might restrain debt levels, while falling yields weighed on the dollar and commodities such as gold and crude declined.