Wall Street Titans Are Looking for Signs Trump Can Win, Bessent Says

(Bloomberg) -- Wall Street investors are looking for indicators that Donald Trump could beat President Joe Biden in November as they weigh investment decisions, Key Square Group LP founder Scott Bessent said.

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Bessent, a major Trump donor who is on a list of people the former president is considering for Treasury secretary if elected, said that major Wall Street donors are looking for a change from the Biden administration.

“I think that most of all, people want to see that he can win, which we got some very interesting polls today,” Bessent said on Bloomberg Television’s Wall Street Week with David Westin. “I think they’re also looking for stability.”

Polls have shown Trump ahead of Biden in key battleground states. A New York Times/Philadelphia Inquirer/Siena College poll released Monday found Trump leading Biden in five swing states. An April Bloomberg News/Morning Consult poll found Trump leads Biden in six of the seven swing states most likely to determine the outcome of the election.

Bessent, who has attended several recent donor events for Trump, said in February that strong stock market rallies show that investors are confident Trump can win the election, which increases the likelihood of renewing the former president’s tax cuts next year. Major portions of Trump’s 2017 tax cut law expire at the end of 2025.

“Trump is making a lot of very good economic points,” Bessent told Bloomberg Television. “They are looking for some strength and to calm down the geopolitical situation.”

Bessent is one of several informal Trump advisers who is jockeying for influence in a potential second Trump administration.

Earlier: Trump Has Raised John Paulson, Others as Potential Cabinet Picks

The presumptive Republican presidential nominee has also floated hedge fund founder John Paulson, former US trade representative Robert Lighthizer and Susquehanna International Group LLP founder Jeff Yass as potential Treasury secretary picks, according to people with knowledge of the discussions.

--With assistance from David Westin.

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