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Treasury Secretary Scott Bessent hires Wall Street economist David Zervos
Zervos will advise on Treasury policy after backing Bessent’s debt buybacks and calling for lower interest rates, CNBC reported.
- On Monday, Treasury Secretary Scott Bessent announced the hiring of David Zervos, Jefferies' Chief Market Strategist, as a counselor in the Treasury Department. The role begins immediately and does not require Senate confirmation.
- President Donald Trump previously considered Zervos to lead the Federal Reserve, ultimately selecting Kevin Warsh in January. Zervos brings institutional experience from serving as a visiting advisor at the Fed in 2009 before joining Jefferies.
- Dismissing criticism from some on Wall Street, Zervos defended the Treasury Department's decision to increase buybacks of long-term debt. "I don't see how you could fight this when the firepower and the cards are all sitting in the Treasury Department," he said.
- Bessent is on his third chief of staff since January 2025, and seven of the Treasury Department's 16 Senate-confirmed appointees had left by mid-August, the Washington Sun reported. Zervos's appointment aims to stabilize advisory capacity amid this turnover.
- Zervos's economic philosophy, which previously included calling for "much lower" interest rates, will now guide his advisory work at the Treasury Department. His appointment bolsters the department's capacity to navigate complex debt strategies amid evolving market conditions.
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Who is David Zervos? Wall St economist and Jeffries' marketing head tapped to advise US Treasury Secretary Scott Bessent
David Zervos, a veteran Wall Street economist, has been appointed as a counselor by US Treasury Secretary Scott Bessent. He will start immediately, bringing extensive experience to the Treasury after several staff departures. Zervos was the chief market strategist for Jeffries since 2010.
·New Delhi, India
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Mr. Zervos was a long-time head of market strategy at Jefferies and was also a CNBC contributor.
David Zervos, a veteran Jefferies strategist, will join Scott Bessent as an advisor to the U.S. Treasury. His arrival occurs as the department faces rising returns, debates on Federal Reserve policy, and decisions on debt buybacks.
Coverage Details
Total News Sources7
Leaning Left2Leaning Right0Center1Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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