Bloomberg Surveillance

Conrad DeQuadros, RDQ Economics Senior Economist & Founding Partner, hopes the Fed realizes their role in driving the markets. David Pearl, Epoch Investment Partners Co-CIO and Portfolio Manager, says monetary policy in Europe has run out of gas. Fred Bergsten, Peterson Institute for International Economics Founding Director, thinks the Chinese have been quite careful not to manipulate in the sense of "driving their currency down." John Normand, JPMorgan Head of Cross Asset Fundamental Strategy, calls the risk of a trade war an "unquantifiable force." And Gina Martin Adams, Bloomberg Intelligence Chief Equity Strategist, says until a China-U.S. trade breakthrough is accomplished, the markets are going to remain very volatile. 

Liz Ann Sonders, Charles Schwab Chief Investment Strategist, encourages diversification in this market environment. Robin Brooks, IIF MD & Chief Economist, says China's overall trade surplus is still large. Steven Major, HSBC Managing Director & Global Head of Fixed Income Research, cuts his year-end-2019 U.S. 10-year yield forecast to 1.50%. Lawrence Summers, Former U.S. Treasury Secretary, says we're in quite "uncharted territory" with President Trump weighing in on monetary policy and dollar strength. And Chetan Ahya, Morgan Stanley Chief Economist & Global Head of Economics, points to the surge in patent requests in China as a sign of growth. 

Marc Chandler, Bannockburn Global Forex Chief Market Strategist and Managing Partner, discusses the unintended consequences of U.S.-China tensions. Henrietta Treyz, Veda Partners Director of Economic Policy, says the U.S.-China trade war is more political than economic. Alan Ruskin, Deutsche Bank Securities Managing Director & Chief International Strategist, sees a level of disruption that could come from trade war escalation that's not being fully priced into the market. Lale Topcuoglu, JOHCM Senior Fund Manager, says investors are mis-pricing liquidity premiums. And Mark Connors, Credit Suisse Global Head of Prime Brokerage Portfolio & Risk Advisory, says a 1% yield on the U.S. 10-Year Treasury is more of a probability than a possibility.

Michelle Meyer, Bank of America Merrill Lynch Head of U.S. Economics, says markets are encouraged by the dovish central bank pivot. Henrietta Treyz, Veda Partners Director of Economic Policy, does not expect President Trump's tariff threat to make China purchase more U.S. agricultural products. Ellen Zentner, Morgan Stanley Chief U.S. Economist, says the Fed failed to be aggressive enough. Kathy Jones, Charles Schwab Chief Fixed Income Strategist, explains why average wage growth is being held down. Larry Kudlow, National Economic Council Director, says the consumer impact from China tariffs is very small. 

Adam Posen, Peterson Institute President, says the Bank of England can't do anything ahead of Brexit. Willem Buiter, Citi Special Economic Advisor, only sees the BOE hiking rates in response to a soft Brexit. Vincent Reinhart, Standish Mellon Asset Management Chief Economist, says he no longer takes "Japanification" as a bad term. Andrew Slimmon, Morgan Stanley Investment Management Senior Portfolio Manager, does a deep dive into consumer staple stocks. And Amanda Renteria, Clinton 2016 Presidential Campaign National Political Director, says a fighting spirit is more important than policy proposals for the Democratic candidates. 

Stephen Stanley, Amherst Pierpont Chief Economist, doesn't think the Fed is paying a lot of attention to growth. Meredith Sumpter, Eurasia Group Head of Research Strategy & Operations, says Washington and Shanghai are not getting to "core issues." Priya Misra, TD Securities Global Head of Rates Strategy, says we could get a post-ECB-type reaction if the market doesn’t get an explicit commitment to more cuts. And Kevin Cirilli, Bloomberg Chief Washington Correspondent, joins us from the Democratic debates in Detroit with a preview for tonight. 

Lindsey Piegza, Stifel Chief Economist, says the Fed is optimistic in terms of growth and inflation. Jordan Rochester, Nomura G-10 FX Strategist, discusses the grim outlook for the British Pound in the case of a no-deal Brexit. Jennifer Hillman, CFR Senior Fellow for Trade & International Political Economy and Former Commissioner at the U.S. International Trade Commission, thinks it will be extremely hard for the U.S. & China to reach a trade deal this week. And Jennifer Bartashus, Bloomberg Intelligence Analyst for Food Retail, says Beyond Meat's partnerships are keeping their momentum alive. 

Shahab Jalinoos, Credit Suisse Head of FX & Macro Trading Strategy, says the dollar has already peaked in this cycle. Terry Haines, Pangea Policy Advisory Founder, says the threat of direct Chinese intervention in Hong Kong is still there. Admiral James Stavridis, Bloomberg Opinion Columnist and Former NATO Supreme Allied Commander, says that we have entered a red zone of miscalculation in the conflict with Iran. Tara Lachapelle, Bloomberg Opinion Columnist, explores Dish CEO Charlie Ergen's current position after recent M&A in the sector. 

Peter Schaffrik, RBC Capital Markets Global Markets Strategist, says as long as the consumer stays strong, U.S. growth will keep a steady pace. Paul Sweeney, Bloomberg Surveillance Radio Anchor, recaps Amazon's second quarter results and previews the outlook for the e-commerce company. David Rosenberg, Gluskin Sheff Chief Economist, reacts to U.S. Second-quarter GDP and says he thinks small business employment serves as the canary in the coal mine for the economy. Tara Lachapelle, Bloomberg Opinion Columnist, looks ahead to the anticipated approval of the T- Mobile-Sprint deal by the Department of Justice, which she says will do little to curtail the competitive advantage of the two merging companies.

Seema Shah, Principal Global Investors Chief Strategist, says the ECB is "laying the groundwork" for action in September by holding rates steady in July. Jeremy Stretch, CIBC Head of G10 FX Strategy, says currencies are becoming increasingly politicized. David Rubenstein, Carlyle Group co-founder and host of "Peer-to-Peer Conversations," discusses his latest episode with Lorne Michaels and how the SNL creator has evolved the show's humor. Shira Ovide, Bloomberg Opinion Columnist, thinks scrutiny of big tech is having a positive impact on business. 

Michael McKee, Bloomberg International Economics & Policy Correspondent, discusses the impact of weakening German manufacturing data ahead of the ECB's rate decision tomorrow. Bob Hormats, Kissinger Associates Vice Chair, says incoming U.K. Prime Minister Boris Johnson's proposed cabinet reflects the diversity of the Tory Party. Alicia Levine, BNY Mellon Chief Strategist, says global negative yields are inescapable in the U.S. Tim O'Brien, Bloomberg Opinion Columnist, says only legislators who have read the full Mueller report should be allowed to ask questions in the hearings today. And Jonathan Golub, Credit Suisse Chief U.S. Equity Strategist, does not expect falling interest rates to be good for stocks. 

Gabriela Santos, JPMorgan Asset Management Global Market Strategist, is bearish on European equities in the short term. Catherine Barnard, Cambridge University Professor, discusses the challenges incoming U.K. Tory Leader Boris Johnson could face if he has to govern without a majority. Narayana Kocherlakota, Bloomberg View Columnist & former Minneapolis Fed President, says Fed Chairman Jerome Powell has proven himself to be a consensus builder. Gita Gopinath, IMF Chief Economist, says inflation is "undershooting for most of the major economies." And Francine Lacqua, Bloomberg Surveillance TV Anchor, discusses who Boris Johnson may appoint to his cabinet. 

Robert Feldman, Morgan Stanley MUFG Securities Senior Advisor, discusses Japan's Prime Minster Abe's slim victory and his plan to hike tax rates. Peter Hooper, Deutsche Bank Securities Economic Research Global Head, says he expects several rate cuts by the end of this year assuming trade tensions worsen. Brooke Sutherland, Bloomberg Opinion Columnist, says aerospace is still a safe space to be invested in. Jonathan Portes, Kings College Economics and Public Policy Professor, says that none of the options on the table will make Brexit go away. 

James Sweeney, Credit Suisse Chief Economist, forecasts the Fed will cut rates from 25-50 basis points. Catherine Mann, Citigroup Global Chief Economist, says the incoming data from the U.S. and global economies do not warrant "dramatic" market pricing. Lisa Ellis, MoffettNathanson Partner, discusses how IBM's recent acquisition of Red Hat will strengthen its position in cloud computing. Anat Admati, Stanford Finance Professor, doesn't think the U.S. financial system is fundamentally safer than it was before the financial crisis. Mia Fineman, The Metropolitan Museum of Art Associate Curator & lead on, "Apollo's Muse: The Moon In The Age of Photography," and Bob Moon, Bloomberg Radio Anchor, remember the moon landing, 50 years on. 

Bob Michele, JPMorgan Asset Management CIO, warns U.S. Treasury yields are heading "all the way down to zero" over the next couple of years. Tom Porcelli, RBC Capital Markets Chief U.S. Economist, explains why there is "no economic justification" for the Federal Reserve to cut rates. Gerard Cassidy, RBC Capital Markets Equity Research Director, discusses overall bank earnings, noting the numbers were "slightly below expectations" across the board. Shira Ovide, Bloomberg Opinion Columnist, says Netflix subscriber numbers are the one thing that investors care about...and they sunk. Michael Nathanson, MoffettNathanson Founding Partner, discusses why he was shocked by Netflix's results. 

Taylor Riggs, Bloomberg News Reporter, breaks down Bank of America's earnings. Chris Marangi, Gabelli Funds Co-Chief Investment Officer, recaps commonalities in the major bank reports. Bloomberg's Maria Tadeo calls in from Chantilly, France to discuss her conversation with French Finance Minister Bruno Le Maire and his distaste for Facebook's Libra. Mitch Roschelle, PWC Partner & Business Development Leader, examines June housing starts, noting U.S. new-home construction fell for a second month. Michael Feroli, JPMorgan Chief U.S. Economist, thinks a powerful consumer and strong government spending will keep the U.S. ahead. And Bloomberg's Nathan Hager remembers Supreme Court Justice John Paul Stevens in a special report. 

Sonali Basak, Bloomberg News Investment Banking Reporter, notes JP Morgan's net interest is on the decline. Tom Michaud, KBW Chief Executive, discusses why the dynamic of smaller to larger banks is shifting. John Stoltzfus, Oppenheimer Co. Chief Investment Strategist, says financials are a good place to be as a shareholder. Taylor Riggs, Bloomberg Reporter, notes there were "no big surprises" in Wells Fargo's earnings. Mark McCormick, TD Bank Global Head of FX Strategy, explains how he gauges the dollar in the midst of trade tensions. Diane Swonk, Grant Thorton Chief Economist, discusses the "pretty stunning" gains in online retail sales.

Jacob Kirkegaard, Peterson Institute Senior Fellow, thinks Europe will have a pragmatic new leadership team if Ursula von der Leyen is approved for Commission president. Bloomberg's Taylor Riggs reacts to Citigroup's second-quarter results. Ken Leon, CFRA Director, Equity Research previews this week's bank earnings and is enthused about U.S. banks' new ability to return cash. Duncan Fox, Bloomberg Intelligence Senior Industry Analyst, sees AB InBev's Asian IPO Suspension as a signal that there is little room for consolidation in the region. Bloomberg Opinion Columnist Alex Webb and Greg Boutle of BNP Paribas discuss Alan Turing's legacy in artificial intelligence and mathematics as the U.K. announces him as the face of the new 50-pound note. 

Willem Buiter, Citi Special Economic Adviser, says Europe is yet to clean up the banking system following the financial crisis. Jane Foley, Rabobank Head of FX Strategy, says the South African rand is the most obvious EM FX trade. Susan Lund, McKinsey Partner, discusses her report, "The Future of work in America." And Kelsey Broderick, Eurasia Group China Analyst, says President Trump and his trade negotiators have different goals in talks with China. 

Bob Doll, Nuveen Asset Management Chief Equity Strategist, explains the real issues the U.S. faces today but "doesn't see a recession any time soon." Chris Grisanti, Grisanti Capital Management CEO, shares best practices in investing and discusses value with the S&P 500 near record highs. Alicia Levine, BNY Mellon Chief Strategist, says, "The Fed's actions today are going to support the riskiest parts of the market." Paul Sweeney, Bloomberg Radio Anchor, calls in from Sun Valley where the top names in tech and media are gathered for the 2019 Allen & Co. Conference.