Billionaire investor Bill Ackman, CEO of Pershing Square Capital Management, commended Treasury Secretary Scott Bessent on Tuesday as markets struggle with trade policy uncertainty.
What Happened: Bessent, “is a steady hand on the wheel guiding us on a windy road that will get our country where we need to go. Thank you Scott,” Ackman wrote on X, responding to Bessent’s announcement about participating in the 2025 World Bank Group-IMF Spring Meetings taking place April 21-26 in Washington, D.C.
Ackman’s “windy road” metaphor likely references the volatile financial landscape shaped by trade tensions. His support follows his earlier praise for the President Donald Trump administration’s 90-day tariff pause.
The endorsement comes as markets face significant pressure. Fundstrat’s Tom Lee urged Bessent and Commerce Secretary Howard Lutnick to expedite trade agreements for a positive “policy shock” to markets after U.S. equities shed $1.4 trillion in value on Monday.
“White House needs to put points on the board,” Lee stated, emphasizing the urgency for concrete trade deals. Markets have declined substantially, with the Nasdaq 100, S&P 500, and Dow Jones indexes dropping over 10% from recent peaks.
Why It Matters: Complicating matters, Trump recently criticized Federal Reserve Chairman Jerome Powell, calling him “Mr. Too Late” and raising concerns about Fed independence. White House economic adviser Kevin Hassett acknowledged the administration was “continuing to study” whether Powell could be removed.
Ackman previously attributed recent market volatility to “forced selling” by highly leveraged traders rather than economic fundamentals, cautioning against over-interpreting short-term market movements.
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust (NASDAQ:QQQ) showed modest rebounds on Tuesday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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