Scott Bessent, the founder of the Connecticut-based hedge fund Key Square Group, had been making a full-court press for the post.

The Dow and S&P 500 reached all-time highs, while the dollar weakened on Monday following the news that President-elect Donald Trump has tapped Wall Street’s Scott Bessent to be his next Treasury Secretary.

The hedge fund manager will be responsible for steering President-elect Donald J. Trump’s unconventional economic agenda.