Treasury Secretary Scott Bessent has hired veteran Wall Street economist David Zervos as a counselor at the US Treasury Department. Zervos is the longtime chief market strategist at Jefferies and has also worked as a CNBC contributor.

The rise in Treasury yields is important because higher yields can increase the government's borrowing costs and affect broader financial markets. The 10-year Treasury is also a key benchmark for borrowing costs across the US economy, including mortgages and corporate debt.

Zervos has supported Bessent’s recent move to increase Treasury buybacks. The Treasury increased buybacks of some longer-term government debt, a move aimed at helping manage pressure in Treasury markets. Zervos has also been a strong supporter of lower interest rates. He said last year that he believed interest rates should be “much lower.”

Zervos was previously considered by Trump for the job of Federal Reserve chair. Trump ultimately selected Kevin Warsh for the position in January. Zervos has worked at Jefferies, the New York-based investment bank, since 2010.

Zervos expects his Treasury assignment to end in April 2027. CNBC reported this, citing Zervos’ email to clients. His arrival comes as the Treasury faces growing pressure in the bond market. The 10-year Treasury yield reaching 5.2% has put the focus on how the government manages borrowing costs and the wider Treasury market.