David Zervos joins Treasury: Bessent hires Wall Street economist as 10-year yield hits 5.2%

Treasury Secretary Scott Bessent has hired veteran Wall Street economist David Zervos as a counselor at the US Treasury Department. Zervos is the longtime chief market strategist at Jefferies and has also worked as a CNBC contributor.

David Zervos joins the US Treasury as a counselor as the 10-year yield hits 5.2%. (File Photo/AFP)Bessent announced Zervos’ appointment on Monday in a statement first obtained by CNBC. Zervos will have a broad advisory role at the Treasury and is expected to start immediately. Zervos is joining the Treasury at a time when US government bond yields are rising sharply. The 10-year Treasury yield reached 5.2% on Friday, its highest level since 2007.

The rise in Treasury yields is important because higher yields can increase the government's borrowing costs and affect broader financial markets. The 10-year Treasury is also a key benchmark for borrowing costs across the US economy, including mortgages and corporate debt.

Zervos is joining the department as officials face the challenge of managing Treasury markets while investors closely watch the direction of interest rates.

Zervos has supported Bessent’s recent move to increase Treasury buybacks. The Treasury increased buybacks of some longer-term government debt, a move aimed at helping manage pressure in Treasury markets. Zervos has also been a strong supporter of lower interest rates. He said last year that he believed interest rates should be “much lower.”

Zervos was previously considered by Trump for the job of Federal Reserve chair. Trump ultimately selected Kevin Warsh for the position in January. Zervos has worked at Jefferies, the New York-based investment bank, since 2010.

He has spent much of his career working on financial markets and economic issues. Zervos holds a doctorate in economics and has worked at the Federal Reserve twice. Zervos will join the Treasury as a special government employee. He disclosed that status in an email to his clients.

Zervos expects his Treasury assignment to end in April 2027. CNBC reported this, citing Zervos’ email to clients. His arrival comes as the Treasury faces growing pressure in the bond market. The 10-year Treasury yield reaching 5.2% has put the focus on how the government manages borrowing costs and the wider Treasury market.

Zervos’ previous support for lower interest rates and Treasury debt buybacks could make his economic views particularly relevant in his new advisory role. His appointment gives Bessent another Wall Street economist with experience in interest rates, Treasury markets and Federal Reserve policy. The details of Zervos’ views and appointment were reported by CNBC.

Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs. Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit. A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers. When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More