U.S. Treasury Secretary Scott Bessent has hired David Zervos, a veteran Wall Street economist and former chief market strategist at Jefferies, as counselor at the Treasury Department. Zervos, who holds a doctorate in economics and has worked at the Federal Reserve twice, will begin immediately without needing Senate confirmation. The hiring comes as seven of the Treasury Department’s 16 Senate-confirmed appointees had left by mid-August, and Bessent is already on his third chief of staff since January 2025. Zervos has backed Bessent’s decision to increase buybacks of some long-term Treasury debt and has called for lower interest rates from the Fed, whose 10-year yield hit 5.2 percent Friday, a level last seen in 2007.
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