Billionaire investor Scott Bessent, former Chief Investment Officer of the Soros Fund Management, has confirmed that former President Donald Trump’s potential return to office is fueling the current surge in the stock market.
“We believe that equity markets are in the midst of a “Trump Rally” that will last as long as he remains ahead of Biden in the polls,” Bessent wrote to investors in his Key Square Capital Management fund on Wednesday.
“We strongly believe that a significant impetus for the recent rally in equity markets is the commanding lead that he holds over President Biden in early polling on both a national basis and in the key battleground states,’ Bessent added.
He also dismissed forecasts that anticipated a tumultuous second term under the former President, suggesting the future administration would resemble the relatively stable period of 2017-2018 rather than the more turbulent 2019-2020 pandemic timeframe. He projected a prospective Trump presidency would spur an economic boom, riding on deregulation, energy independence, and a resurged domestic manufacturing sector.
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