Wall Street strategist Zervos joins Treasury as Bessent adviser
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David Zervos speaks at a conference in Miami in 2019. Photo: Scott McIntyre/Bloomberg via Getty Images
David Zervos, a longtime Wall Street strategist known for his out-of-consensus views on markets and the economy, is joining the Trump administration as a senior adviser to Treasury Secretary Scott Bessent.
Why it matters: Zervos has spent much of his career challenging conventional thinking on markets and monetary policy and brings a distinctly out-of-consensus voice inside the administration.
Driving the news: Zervos will serve as a counselor in the Office of the Secretary, Treasury said on Monday.
- Zervos was at the G20 finance ministers meeting — hosted by Bessent — in Asheville, North Carolina, earlier this month.
- He told Axios on the sidelines of the conference that the rise in long-term Treasury yields reflected competition for capital rather than concerns about America's fiscal outlook.
- Zervos was among the candidates Bessent considered last year to succeed Jerome Powell as Federal Reserve chairman, although he did not ultimately make the final shortlist.
Zoom in: Zervos spent nearly two decades at Jefferies, most recently as the firm's chief market strategist. Zervos has been a familiar face on financial television, where his long hair made him a recognizable presence among strategists.
- He has a reputation on Wall Street for challenging the consensus on markets and the economy.
- In 2024, with interest rates above 5%, Zervos argued that Federal Reserve policy was doing little to slow the economy.
- More recently, Jefferies stood largely alone in arguing that the Fed should not raise rates this month. It was the only firm in a survey of 35 analysts that said the central bank's next move would be a cut. (The Fed ultimately raised rates.)
Catch up quick: Zervos previously managed global macro portfolios at UBS O'Connor and Brevan Howard and began his career as an economist at the Federal Reserve Board.
- He returned to the Fed as a visiting adviser during the global financial crisis in 2009. Treasury said the new role marks his third stint in government.
