According to CNBC, Treasury Secretary Scott Bessent has hired veteran Wall Street economist David Zervos, the longtime chief market strategist at Jefferies, as a counselor in the Treasury Department. Zervos, a former CNBC contributor, will serve in a broad advisory role and is expected to start immediately. Bessent announced the hire Monday in a statement obtained first by CNBC.

Zervos has backed Bessent's recent decision to increase buybacks of some long-term Treasury debt and has called for lower Federal Reserve interest rates. He said last year that rates should be much lower and later said Fed Chair Kevin Warsh could create room for lower rates by reducing the central bank's balance sheet. The Fed raised rates earlier this month for the first time since 2023, and Bessent said Sunday on Fox News that the central bank should keep an open mind about how to manage the economy.

The appointment comes as Treasury has seen a series of staff departures. Seven of the department's 16 Senate-confirmed appointees had left by mid-August, according to the Washington Sun, and Bessent is on his third chief of staff since becoming Treasury secretary in January 2025. Zervos previously worked at Jefferies since 2010 and has also worked twice for the Federal Reserve.