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,

Scott Bessent is a hedge fund manager who investors believe will balance Trump's economic promises with fiscal reality as treasury secretary.

The dollar surrendered a little of its recent gains on Monday as investors assumed the pick for U.S. Treasury secretary would reassure the bond market and pulled yields lower, shaving some of the dollar's rate advantage.

President-elect Donald Trump named billionaire Scott Bessent as his pick to serve as the next secretary of the Department of the Treasury.

If confirmed, Bessent will be tasked with implementing any tax cuts a Republican-controlled Congress may pursue.