New Treasury Counselor
Treasury Secretary Scott Bessent appoints Jefferies strategist David Zervos as a counselor.
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Treasury Secretary Scott Bessent appointed David Zervos, Jefferies’ longtime chief market strategist and a former Federal Reserve adviser, as a counselor in the Treasury secretary’s office. Zervos, who has about 35 years of experience in financial markets, macroeconomic research and central banking, is expected to start immediately; the role does not require Senate confirmation, and he is expected to serve through April 2027. He has advocated lower interest rates and supported Treasury debt buybacks intended to stabilize the bond market. The appointment comes amid turnover among Treasury officials and as the department handles a broad policy portfolio.
Key Points
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At a G20 finance ministers’ meeting earlier this month, Zervos told Axios that rising long-term Treasury yields reflected competition for capital, not concern about the U.S. fiscal outlook.
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Zervos has often taken positions at odds with other forecasters: Jefferies was the only firm in an Axios survey of 35 analysts to predict the Fed’s next move would be a rate cut, though the Fed ultimately raised rates.
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Before joining Jefferies, Zervos managed global macro portfolios at UBS O’Connor and Brevan Howard.
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Zervos described his new government role as a shift from market commentary toward policy: in a farewell dispatch to clients, he wrote that he would be “more focused on the normative than the positive when it comes to markets and policy.”
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