Treasury Secretary Scott Bessent Hires David Zervos as Counselor
Treasury Secretary Scott Bessent has hired veteran economist and former Jefferies chief market strategist, David Zervos, to serve as a counselor in the Treasury Department. The hire comes amid rising bond yields, AI-related capital spending, and ongoing economic policy discussions. Zervos brings over 15 years of experience at Jefferies and prior roles with the Federal Reserve. Zervos will provide strategic advice without requiring Senate confirmation, filling a role previously held by Joseph Lavorgna before his departure in March. His appointment follows several high-profile staff departures from Treasury under Bessent’s leadership since January 2025. Zervos has supported recent Treasury initiatives such as increased buybacks of long-term debt and advocated for lower interest rates, aligning with some administration economic priorities. Zervos was previously considered by President Trump to lead the Federal Reserve but lost out to Kevin Warsh in January. He believes that reducing the Fed’s balance sheet could pave the way for rate cuts—a key focus area under Warsh's leadership.
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Topics: David Zervos Jefferies Scott Bessent Treasury Department