Yields on 10-year treasuries slipped to their lowest in nearly a month after Trump's selection of a top cabinet post allayed some investor concerns that the new president would aggressively raise tariffs,

Bessent has been openly in favor of a strong dollar and has supported tariffs, suggesting any pullback in the currency might be fleeting.

The dollar recoiled from two-year highs on Monday, tracking a sharp decline in U.S. Treasury yields amid trust that Donald Trump's pick for the next U.S. Treasury secretary will promote more fiscal discipline than investors had been fearing.