Treasury Secretary Scott Bessent hires Wall Street economist David Zervos

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1. 1h ago

   Treasury Secretary Scott Bessent Appoints David Zervos as Counselor

   Treasury Secretary Scott Bessent has hired David Zervos, a veteran Wall Street economist and former chief market strategist at Jefferies, as a Counselor in the Office of the Secretary. Zervos joins the department to provide expertise on global financial markets and rising bond yields, specifically as the 10-year Treasury yield reached 5.2%. He will serve in a broad advisory capacity and is expected to begin his third stint in government immediately. Zervos has previously advocated for lower Federal Reserve interest rates and supported Bessent's decision to increase buybacks of certain long-term Treasury debt.

   Why it matters

   The appointment comes during a period of rising yields and market volatility. Zervos brings 35 years of experience in central banking and financial markets to the administration's economic policy team. He was previously a candidate for Federal Reserve Chair.

   What is confirmed

   • Scott Bessent appointed David Zervos as a Counselor in the Office of the Secretary at the U.S. Department of the Treasury.
   • Zervos previously served as the chief market strategist at Jefferies.
   • The appointment occurs as the 10-year Treasury yield hit 5.2%.
   • Zervos has 35 years of experience in global financial markets and central banking.
   • Zervos described himself as a "Wall Street geek" in an interview.
   • Zervos has called for the Federal Reserve to lower interest rates.

   What to watch next

   • Specific policy recommendations Zervos makes regarding long-term Treasury debt buybacks
   • Changes in Treasury strategy to address the 10-year yield
   Sources used for this update (16)

   1. CNBC — Treasury Secretary Scott Bessent hires Wall Street economist David Zervos
   2. Bloomberg — Bessent Taps Market Strategist Zervos as Treasury Adviser
   3. qz.com — Scott Bessent hires Jefferies economist David Zervos as Treasury counselor
   4. Barchart.com — How Failed Fed Chair Candidate David Zervos Can Help Scott Bessent Rescue the Treasury Department’s Credibility
   5. Financial Times — David Zervos, Scott Bessent’s new adviser, has opinions
   6. The Daily Beast — Trump Gives New Mr. Kellyanne Conway a Job
   7. Seeking Alpha — Is Wall Street's Zervos the magic touch Bessent needs to rein in bond rout? (TLT:NASDAQ)
   8. finance.yahoo.com — Scott Bessent Hires 'Wall Street Geek' David Zervos to Advise Treasury Amid Rising Yields: 'Whether It’s Trade, Whether It’s War, He’s Stepped Up'
   9. www.cnbc.com — Treasury Secretary Scott Bessent hires Wall Street economist David Zervos
   10. www.cnbc.com — David Zervos will join Scott Bessent's Treasury Department
   11. digg.com — Treasury Secretary Scott Bessent hires Wall Street economist David Zervos · Digg
   12. www.hindustantimes.com — David Zervos joins Treasury: Bessent hires Wall Street economist as 10-year yield hits 5.2%
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