David Zervos, a Jefferies strategist and former Federal Reserve official, has joined the U.S. Department of the Treasury as a counselor to Secretary Scott Bessent. He is expected to begin immediately in a broad advisory role as a special government employee, a status that exempts him from certain divestiture requirements while limiting his term; Zervos expects to leave in April 2027. The Senate-confirmation-free appointment fills the vacancy left by Wall Street economist Joseph Lavorgna in March and marks Zervos's third period of government service. Zervos has supported Bessent's increased buybacks of long-term Treasury debt and advocated much lower interest rates. His arrival comes as Treasury confronts elevated yields, with the 10-year Treasury at 5.25% and the 30-year bond yielding 5.56% at the last check. Long-dated Treasury securities have weakened this year, while major U.S. equity indexes have posted gains.