Treasury Secretary Bessent Taps Jefferies Strategist Zervos as Counselor

Treasury Secretary Scott Bessent named David Zervos, Jefferies' longtime chief market strategist, as a Treasury counselor on September 28, 2026, effective immediately. The appointment does not require Senate confirmation. Zervos, who holds a doctorate in economics and has worked twice at the Federal Reserve, will serve under special government employee status, capping his tenure; he told clients he expects to finish in April 2027, according to CNBC. That designation exempts him from certain financial-disclosure and asset-sale requirements applied to other federal appointees. The hire follows heavy turnover at Treasury: seven of 16 Senate-confirmed officials had departed as of mid-August, and Bessent has cycled through three chiefs of staff since his January 2025 confirmation. Zervos has publicly backed Bessent's expanded buybacks of long-term Treasury debt and called for lower Federal Reserve interest rates. The 10-year Treasury yield recently rose above 5% for the first time since 2007.