The Treasuries' rally in response to President-elect Trump's Bessent announcement late on Friday pushed yields on 10-year Treasuries down about 14 basis points, the most since early August. Two-year yields also tumbled, reducing the dollar's interest rate advantage.

Trump's nominee to run the Treasury faces a tall order—dealing with mounting debt, implementing an aggressive tariff regime, and navigating a thorny relationship with the Federal Reserve.

The selection of Scott Bessent as the next Treasury Secretary has fueled a rally in currencies around the world against the dollar, as traders trim bets that the return of Donald Trump will send tremors throughout global markets.