Treasury Counselor Questions IMF's Forecast Record as U.S. Debt Tops $40T

David Zervos, newly appointed counselor to Treasury Secretary Scott Bessent, questioned the International Monetary Fund's forecasting record Thursday as U.S. debt topped $40 trillion and 10-year Treasury yields stayed above 5%. Zervos said the IMF should review its past forecasts before criticizing U.S. fiscal policy. His remarks came after IMF Managing Director Kristalina Georgieva said Wednesday that strong U.S. growth alone would not put mounting federal debt on a sustainable path and called for fiscal measures. Georgieva spoke at the IMF-World Bank annual meetings in Bangkok. She was responding to Bessent's August comment that the U.S. could “grow our way out” of a rising debt-to-GDP ratio. Zervos pointed to several past IMF assessments he viewed as inaccurate.

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