Bloomberg Surveillance

Julian Emanuel, BTIG Chief Equity & Derivatives Strategist, believes this could be the year the public fully engages with the U.S. equity market. Kristina Hooper, Invesco Chief Global Market Strategist, says we can't underestimate the power of the Fed. George Evans, CIO of Global Equities and Portfolio Manager for the Invesco Oppenheimer International Growth Fund, says emerging markets are led by commodities. Margaret Brennan, Face the Nation Host, reflects on the opening of President Trump's impeachment trial. Chris Whalen, Whalen Global Advisors Chairman, details 4 global banks that he says are not efficient at making money.

David Pearl, Epoch Co-Chief Investment Officer & Portfolio Manager, says Morgan Stanley is now the king of wealth management. Mary Lovely, Peterson Institute Senior Fellow & Syracuse University Professor, says escalation could happen very quickly under the Phase-One trade deal between the U.S. and China. Daniel Morris, BNP Paribas Senior Investment Strategist, says 2020 market risks aren't much different from those in 2019. Dana Peterson, Citi Global Economist, says department stores are losing market share to non-store retailers.

Ken Leon, CFRA Director Equity Research, says banks are underpriced relative to the market. Henrietta Treyz, Veda Partners Managing Partner & Head of Economic Policy, says investors sense that President Trump cares specifically about the stock market. Megan Greene, Harvard Kennedy Senior Fellow, says there is plenty of evidence for low growth and inflation for years to come. Jim Paulsen, Leuthold Weeden Capital Management Chief Investment Strategist, expects small cap stocks to have a year of outperformance. Stephen Schork, Schork Group President, says we are concerned about the ongoing industrial recession in the U.S.

Shahab Jalinoos, Credit Suisse Head of FX Macro Trading Strategy, says there are no macro risks affecting monetary policy. Tom Michaud, KBW CEO, breaks down results from JPMorgan and discusses the future of big U.S. banks. Geoffrey Yu, UBS Wealth Management Head of U.K. Investment Office, says central banks are going to stay lower for a very long time to come. Alicia Levine, BNY Mellon Investment Management Chief Strategist, says cyclical sectors are beginning to show signs of life, even as data remains soft.

Richard Haass, Council on Foreign Relations President, believes the U.S. and Iran must agree to a reasonable deal in order to ease protester tensions. Priya Misra, TD Securities Head of Global Rates Strategy, says the Fed has put a lot of stimulus in the system through the repo market. Betsy Graseck, Morgan Stanley Global Head of Banks & Diversified Finance Research says as banks report earnings we expect to see net interest margin under pressure in 4Q. Doug Holtz-Eakin, American Action Forum President & Former Director of the Congressional Budget Office says raising taxes and dodging the spending budget is bad news.

Steven Cook, CFR Senior Fellow for Middle East And Africa Studies, says the U.S. is engaging in psychological warfare with Iran and not deescalating tensions with the region. Ellen Zenter, Morgan Stanley's Chief US Economist, says there is no indication businesses are broadly laying off workers. Randy Kroszner, University of Chicago Professor and Former Fed Governor, says the fed is more likely to stay on hold. Lawrence Kudlow, National Economic Council Director, says everything is completely in place for the Phase One U.S.-China trade deal.

Jim Glassman, JPMorgan Senior Economist, says 2020 will be the year we see slower job growth. Jeffrey Rosenberg, Senior Portfolio Manager on BlackRock's Systematic Fixed Income Team, says the economy has moved in tiny increments. Admiral James Stavridis, Bloomberg Opinion Columnist and Former NATO Supreme Allied Commander says Soleimani was a dangerous enemy of the U.S. and taking his skills away from the Iranian regime is a tactical plus. Brooke Sutherland, Bloomberg Opinion Columnist, discusses the next steps for Boeing.

Henry Rome, Eurasia Group Global Macro Analyst, says the risk of a major military confrontation between the U.S. and Iran has gone down. Robert Hormats, Kissinger Associates Vice Chairman, says the U.S. must now help stabilize the situation in Iraq. Greg Farrell, Bloomberg Legal Reporter, discusses next steps for Carlos Ghosn after press conference from Lebanon. David Rubenstein, Carlyle Group Co-Founder & Co-Executive Chairman, discusses his interview with Dangote Group Founder Aliko Dangote.

Adam Posen, Peterson Institute President, says there are very fundamental causes of low rates. Steven Cook, CFR Senior Fellow For Middle East And Africa Studies, says the U.S. can continue to fight terrorism without as large of a footprint in the Middle East. Gina Martin Adams, Bloomberg Intelligence Chief Equity Strategist, says volatility stays low as prices advance. Neil Dutta, Renaissance Macro Head of Economic Research, says the composition of growth is improving.

Ian Bremmer, Eurasia Group President & Founder, says 2020 is a tipping point for the big global trends out there. Meredith Sumpter, Eurasia Group Head of Research Strategy & Operations, says a trade conflict was expected between the U.S. and China year ago, but it was expected to be resolved. Henry Rome, Eurasia Group Iran Analyst, believes the killing of Qasem Soleimani will come to be seen as a miscalculation from the U.S. Mujtaba Rahman, Eurasia Group Managing Director for Europe, says the EU doesn't have a great strategic answer for the U.K.'s exit. And Amy Myers Jaffe, CFR David M. Rubenstein Senior Fellow for Energy and the Environment & Director of the Program on Energy Security and Climate Change, offers her insight on recent events in the Middle East and energy.

Nick Wadhams, Bloomberg State Department Reporter, brings us an update on President Trump's strategy in the Middle East. Amrita Sen, Energy Aspects Chief Oil Analyst, says there will be a lot of pressure on Iraq to push out pro-U.S. forces. Marc Champion, Bloomberg News Senior Reporter for International Affairs, discusses Iran's sphere of influence. Admiral James Stavridis, Bloomberg Opinion Columnist & Former NATO Alliance Supreme Allied Commander, says the U.S. military is prepared for Iran's response. Mark Kimmitt, Former Assistant Secretary of State for Political-Military Affairs, says President Trump is taking a risk with this latest foreign policy move. And Margaret Brennan, CBS Face the Nation Host, says the silence from the U.S. State Department was "deafening" last night.

Robert Albertson, Sandler O'Neill Chief Investment Strategist, says 2020 will be a year of reckoning. Chris Bryant, Bloomberg Opinion Columnist, provides an update on former Renault-Nissan Head Carlos Ghosn's escape from Japan to Lebanon. Henrietta Treyz, Veda Partners Managing Partner & Head of Economic Policy, is not optimistic about Phase Two negotiations taking place in the near future. And Jeffrey Sachs, Columbia University Professor, says the U.S. political system is broken.

John Ryding, Chief Economic Advisor to Brean Capital, says we are entering 2020 with no fear of a recession. Dana Khraiche, Bloomberg News, reports that Lebanese officials will help and support Carlos Ghosn, who is viewed as a national hero. Julian Emanuel, BTIG Chief Equity & Derivatives Strategist, says more public interest in stocks will drive bond yields higher in 2020. Alexandra Harris, Bloomberg Gov't Bonds & FX Reporter, analyzes how the Fed succeeded in thwarting major year-end turmoil in funding markets.

Kona Haque, ED&F Man Head of Research, says China's government has to continue to apply stimulus to keep growth momentum ticking. Mike Gallagher, Continuum Economics Managing Director of Macro and Strategy, doesn't expect China to get a major lift from a trade truce. Ira Jersey, Bloomberg Intelligence U.S. Rates Strategist, details what to watch for in the next Fed minutes. Geetha Ranganathan, Bloomberg Intelligence Analyst: U.S. Media, predicts that Netflix might become a victim of its own success.

Bloomberg's Paul Sweeney and Sonali Basak host today's show. Andrew Hollenhorst, Citi Chief U.S. Economist, discusses the transition to automation by urging the creation of new opportunities and engines of growth. Karen Leigh, Bloomberg News Greater China Government Editor, gives an update on the protests in Hong Kong as the region braces for more demonstrations in the new year. Kevin Book, Clearview Energy Partners Head of Research, says the trade war between the U.S. and China is far from over. And David Kirkpatrick, Techonomy Media CEO & Founder, provides a forecast for tech and government regulation in 2020.

Michael Holland, Holland & Co. Chairman and Founder, thinks the Fed is far more important for markets than a U.S.-China trade deal. Dana Telsey, Telsey Advisory Group CEO & Chief Research Officer, believes retailers will follow in Amazon's footsteps with one-day shipping. Mohamed El-Erian, Allianz Chief Economic Adviser and Bloomberg Opinion Columnist, says it is not up to central banks to get out of the negative rates experiment. Mike Darda, MKM Partners Chief Economist & Macro Strategist, says investors should be tactically cautious going into 2020. David Kotok, Cumberland Advisors Co-Founder & CIO, says negative interest rates are at a peak.

Catherine Mann, Citi Global Chief Economist, says the U.S.-China Phase 1 agreement looks similar to the deal proposed earlier this year in May. Kit Juckes, Societe Generale Chief FX Strategist, thinks the Chinese Yuan is as important as the Euro or the U.S. dollar now. George Ferguson, Bloomberg Intelligence Senior Aerospace and Airline Analyst discusses the implications of Boeing CEO Dennis Muilenburg stepping down. Brooke Sutherland, Bloomberg Opinion Columnist, says Boeing is at serious risk of losing its competitive edge. Greg Valliere, AGF Investments Chief U.S. Policy Strategist thinks that President Trump's 2017 tax cuts continue to fuel the market rally today.

Dr. Randall Kroszner, University of Chicago Booth School of Business Professor, says the Fed is going to gradually increase its balance sheet to provide liquidity. Gideon Rose, Foreign Affairs Magazine Editor, discusses the future of capitalism. Kevin Cirilli, Bloomberg Chief Washington Correspondent, gives a briefing on the latest Democratic debate from Los Angeles. John Butler, Bloomberg Intelligence Senior Analyst of Telecoms, says he's surprised to see Apple is exploring satellites. And Margie Patel, Wells Fargo Wells Fargo Asset Management Senior Portfolio Manager, says China's growth is clearly slowing down.

Shahab Jalinoos, Credit Suisse Head of FX and Macro Trading Strategy, observes rising interest rates across the Eurozone area. Greg Valliere, AGF Investments Chief U.S. Policy Strategist, was surprised to see House Speaker Nancy Pelosi may delay next steps in the impeachment process. Dennis Gartman, The Gartman Letter Author, discusses his decision to retire his famous morning note. Doug Kass, Seabreeze Partners President & Founder, calls in to ask a question to Gartman. And Margaret Franklin, CFA Institute CEO & President, says she still sees high demand for chartered holders.

Peter Hooper, Deutsche Bank Securities Global Head of Economic Research, sees inflation remaining below 2% over the next year. Nicola Mai, PIMCO Portfolio Manager & Sovereign Credit Analyst, does not foresee significant increases in inflation next year. Tom Porcelli, RBC Capital Markets Chief U.S. Economist, says the idea of a recession is funny. And Emily Wilkins, Bloomberg Government Reporter, provides an update on where impeachment motions stand.