Jefferies Macro Commentary
by David Zervos
Recent Commentaries
David Zervos
From the Federal Reserve to the world’s top macro funds, David delivers the insights behind Jefferies’ market strategy and beyond.
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David Zervos
Chief Market Strategist
Economics and Strategy
September 28, 2026
Jefferies Macro Strategy
Choosing to serve…..again!!
As of today, I have accepted an appointment to the US Department of the Treasury as Counselor to the Secretary. In that capacity, I will join as a special government employee (SGE). This journey back into public service, for the third time in my career, will place my near 17-year…
David Zervos
Chief Market Strategist
Economics and Strategy
September 18, 2026
Jefferies Macro Strategy
It just didn't matter
In keeping with my “it just doesn’t matter” theme on the Fed, I will skip all the deep dives into the SEP, the statement, and the presser. The whole thing was one giant yawn for markets with the 10yr and spoos basically now sitting within spitting distance of their Wednesday…
David Zervos
Chief Market Strategist
Economics and Strategy
September 9, 2026
Jefferies Macro Strategy
Twist & Cut: Terming in the debt to lower inflation
Myopia typically dominates all macro discussions, and this week promises to be no different. The upcoming inflation data will be placed under an electron microscope by the usual suspects angling to do battle over those ever-changing odds of a 25bps Fed rate hike on Sep 16. I honestly can’t think…
David Zervos
Chief Market Strategist
Economics and Strategy
August 24, 2026
Jefferies Macro Strategy
Some background reading on Treasury twists
The macro world is currently abuzz with conversations about the “surprise” Treasury buyback announcement. This move, however, was not much of a shock to those who have been listening closely to the Secretary. He has telegraphed the concept in numerous interviews and speeches for some time now. Further, it is…