India, Sept. 28 -- 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.

Bessent announced Zervos' appointment on Monday in a statement first obtained by CNBC. Zervos will have a broad advisory role at the Treasury and is expected to start immediately. Zervos is joining the Treasury at a time when US government bond yields are rising sharply. The 10-year Treasury yield reached 5.2% on Friday, its highest level since 2007.

The rise in Treasury yields is important because higher yields can increase the government's borrowing costs and affect broader financial m...