As President-elect Donald Trump begins to put thought into filling his Cabinet for his second presidency, Bloomberg reports billionaire backer John Paulson has exited the race for the position of US Secretary of the Treasury. Trump advisers are now backing Key Square Group founder Scott Bessent to helm the US Treasury under Trump.

Yahoo Finance hosts Madison Mills and Josh Lipton report more on this news.

For more expert insight and the latest market action, click here.

This post was written by Luke Carberry Mogan.