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David Zervos is currently Chief Market Strategist for Jefferies LLC and Head of the Global Macro Division of Leucadia Asset Management LLC (“LAM”).  David joined Jefferies in 2010 after spending 2009 as a visiting advisor in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System in Washington, D.C. Prior to visiting the Federal Reserve, he held a variety of research, sales and trading positions in the private sector, most recently managing global macro portfolios for Brevan Howard and UBS O’Connor. He began his career as an economist at the Federal Reserve Board in the early 1990’s. He received a B.Sc. from Washington University, and an M.A. and Ph.D. in economics from the University of Rochester. 

In his role as Chief Market Strategist, he provides frequent face-to-face meetings, to the equity, fixed income and investment banking clients across the entire Jefferies platform.  In this role, David also engages in public media appearances and both presents at and attends a variety of financial market conferences.  In addition, David serves as the Head of the Global Macro Division of LAM.  In his role  he composes written strategy that expresses his views of global macroeconomic and financial trends.  LAM Global Macro Division distributes this commentary to Jefferies LLC clients as well as offering fee-based subscription and advisory services.

This material is a marketing communication and is not and should not be construed as investment research or a research report prepared by a research analyst. Any views portrayed in this material may differ from those of the Research Department. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Jefferies has employed appropriate expertise, and is of the belief that the material is clear, fair and not misleading. The information set forth herein was obtained from sources believed to be reliable, but has not been independently verified by Jefferies. Therefore, except for any obligation under applicable rules we do not guarantee its accuracy.

This material is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. It is not intended to form the basis of an investment decision and has not been verified. Jefferies makes no recommendation or representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. The information and any opinions contained here are as of the date of this material and, if applicable, the time indicated, and Jefferies does not undertake any obligation to update the information. All market prices, data and other information are not warranted as to the completeness or accuracy and are subject to change without notice. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. The price and value of any investments referred to herein and the income from them may fluctuate. Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilise one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses (historical or otherwise) are not to be viewed as facts and should not be relied upon as an accurate representation of future events. Any market views or opinions expressed herein are those of the individual sender, except where such views or opinions are expressly attributed to Jefferies or a named individual. Market views and opinions are current opinions only; Jefferies and the individual sender accept no responsibility to update such views and opinions or to notify the recipient when they have changed. 

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