Trump’s Treasury pick and former Soros money manager Scott Bessent’s hedge fund reaped windfall during 2022 downturn

President-elect Donald Trump’s pick for Treasury secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged under the punishing weight of inflation, according to a report.

Scott Bessent’s investment firm Key Square Capital saw its flagship fund score a 29% return in 2022 by betting that high rates of inflation would persist longer than what the Federal Reserve predicted.