Bessent appoints David Zervos as US Treasury adviser — CNBC

US Treasury Secretary Scott Bessent has appointed Wall Street veteran David Zervos as an adviser at the US Treasury Department. Zervos, who has worked at investment bank Jefferies since 2010, is expected to begin work immediately, CNBC reports.

Role at the Treasury Department

Zervos will perform broad advisory functions for Bessent. His appointment does not require confirmation by the US Senate. Economist Joseph LaVorgna previously held a similar position as adviser to the secretary before leaving it in March.

Before moving into government, Zervos was Jefferies' chief market strategist and a CNBC contributor. He holds a doctorate in economics and worked twice at the US Federal Reserve System. In the early 1990s, he conducted technical economic research and interest-rate analysis, and in 2009 he returned to the Fed as a visiting adviser after the financial crisis.

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Views on rates and public debt

Zervos supported Bessent's decision to increase buybacks of some long-term US Treasury bonds. According to CNBC, the move may have eased pressure on yields of certain government bonds. The economist also advocated for lower Federal Reserve interest rates.

The appointment came amid rising US government bond yields. According to CNBC, the yield on 10-year Treasury bonds reached 5.2% on Friday, a level last recorded in 2007. The outlet links this to a strong economy, competition for capital due to the development of artificial intelligence, and inflation concerns amid the war with Iran.

Personnel changes at the department

Zervos joins the Treasury Department following a series of personnel changes. As CNBC notes, citing the Washington Sun, seven of 16 Senate-confirmed officials had left the department by mid-August. Bessent, who headed the Treasury in January 2025, already has his third chief of staff.