Treasury Secretary appoints former Jefferies strategist David Zervos as senior counselor

Treasury Secretary Scott Bessent revealed that David Zervos, longtime Jefferies chief market strategist, will assume a counselor role at the Treasury Department with immediate effect, slated to conclude in April 2027. Zervos brings a doctorate in economics and two prior stints at the Federal Reserve, and will operate under a special government-employee designation that limits his service length and exempts him from some disclosure obligations.

In an interview, he lauded Bessent’s handling of the economy and expressed support for the Treasury’s expanded buyback of long-term debt as well as for lower Federal Reserve rates. The position does not require Senate confirmation, and his hiring arrives amid significant turnover, with seven of the department’s 16 Senate-confirmed officials having departed by mid-August and three chiefs of staff rotating since Bessent’s confirmation in January 2025.

Bessent has been navigating rising Treasury yields, which recently pushed the 10-year rate above 5%, and defending the buyback program as a tool to temper further yield increases. Earlier this month the Fed raised its benchmark rate for the first time since 2023, adding pressure to Treasury markets. Zervos was once considered by President Donald Trump for a Federal Reserve chairmanship before Kevin Warsh was selected.