Ex-Fed Candidate Zervos Joins Treasury as Bessent Adviser

Wall Street strategist Zervos has joined the US Treasury as an adviser to Secretary Bessent. This marks his third stint in government, following roles at the Federal Reserve and earlier stints in the Office of the Secretary.

Zervos was a candidate to succeed Jerome Powell as Federal Reserve chairman last year, although he didn't make the final shortlist.

In a recent interview, Zervos argued that the rise in long-term Treasury yields reflected competition for capital rather than concerns about America's fiscal outlook. He also noted that Jefferies, his previous employer, was among the few firms predicting a rate cut, which ultimately occurred.