Treasury Secretary Scott Bessent hires Wall Street economist David Zervos

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 was a CNBC contributor. Bessent announced the hire Monday in a statement obtained first by CNBC. Zervos will serve in a broad advisory capacity and is expected to begin immediately. He has backed Bessent's recent decision to increase buybacks of some long-term Treasury debt and has called for lower interest rates from the Federal Reserve. He will add intellectual firepower to the Treasury after a series of staff departures that have drawn some attention.