The most overused phrase since Donald Trump chose billionaire hedge fund manager Scott Bessent as his Treasury secretary nominee is “sigh of relief.” As the theory goes, Bessent would command respect from the markets, steering the next administration toward the usual conservative agenda of tax cuts and deregulation, and away from anything disruptive. That sigh lasted all of one day. The president-elect, in a familiar declaration of policy by way of a post on social media, announced his...