Scott Bessent hires economist David Zervos as Treasury counselor

Treasury Secretary Scott Bessent has hired Wall Street economist David Zervos as a counselor in the Treasury Department, according to a statement first obtained by CNBC. Zervos, who was previously Jefferies' chief market strategist and a CNBC contributor, is expected to start immediately. The role is advisory and does not require Senate confirmation. Zervos will work on a broad set of Treasury issues as the department deals with higher bond yields, inflation concerns, AIrelated capital spending and ongoing policy debates. Zervos has supported Bessent's recent Treasury debt buyback program and has argued for lower interest rates from the Federal Reserve. He said he is returning to government for another stint and expects his term to run until April 2027.