US Futures Steady, Trump Eyes Treasury’s Bessent for Dual Role

The Trump administration is reportedly considering a significant consolidation of economic leadership. According to discussions among the president’s aides and allies, Treasury Secretary Scott Bessent is being eyed to lead the White House National Economic Council (NEC) in addition to his current cabinet role. This potential appointment is not standalone; it is directly linked to another key personnel decision. The scenario would unfold if President Trump selects Kevin Hassett, a former Council of Economic Advisers chair, as the next chair of the Federal Reserve.

Such a move would centralize considerable economic policy influence within the Treasury Department. The NEC traditionally serves as the president’s principal forum for coordinating domestic and international economic policy, making its leadership a pivotal position. Combining this role with the Treasury Secretary’s existing authority over fiscal policy, debt management, and international finance could create a powerful, unified voice for the administration’s economic agenda. The consideration underscores the administration’s focus on aligning its key economic appointments as it navigates complex fiscal and monetary policy landscapes.

Across the Atlantic, regulatory pressures are mounting for Big Tech. The European Commission has initiated a full-scale antitrust investigation into Meta, focusing specifically on artificial intelligence features integrated into its WhatsApp messaging platform. This probe represents a significant escalation in the EU’s scrutiny of how major technology firms leverage AI, examining whether these integrations could distort competition within the digital markets.

The investigation into WhatsApp’s AI features is part of a broader, aggressive regulatory stance by European authorities under the Digital Markets Act (DMA). It signals that regulators are looking beyond traditional data privacy concerns and into how emerging technologies like AI can be used to reinforce market dominance. For Meta, this adds another layer of legal and operational complexity in one of its key markets, potentially impacting its product development roadmap and competitive strategy. The outcome of this probe could set important precedents for how AI-powered services are governed globally.

In the markets, US equity futures held onto gains ahead of the release of more labor market data. This steady performance indicates investor sentiment is in a holding pattern, balancing optimism about economic resilience with caution ahead of key indicators that could influence Federal Reserve policy. The data will be closely watched for signals on wage growth and employment trends, which are critical inputs for interest rate decisions.

Adding a forward-looking dimension to the market discussion, Mark Malek of Siebert Financial highlighted the potential impact of artificial intelligence on a cornerstone of traditional finance: Treasury yields. Malek’s analysis suggests that the rapid rise and adoption of AI could have profound, albeit indirect, effects on government bond markets. Widespread AI adoption could boost productivity and long-term economic growth potential, which might lead to structurally higher interest rates over time. Conversely, if AI-driven efficiencies suppress inflationary pressures, it could argue for a lower rate environment. This connection underscores how technological megatrends are increasingly relevant to traditional financial indicators and fixed-income valuations.