Bloomberg Surveillance

Lori Calvasina, RBC CApital Markets US Equity Strategy Head, says we are back at a crossroads for markets. Frances Donald, Manulife Investment Management Global Chief Economist & Strategist, says the US consumer is losing purchasing power. Steven Wieting, Citigroup Private Bank Chief Economist & Chief Investment Strategist, expects 2023 to be a year of decline for EPS. Julian Emanuel, Evercore ISI Chief Equity & Quantitative Strategist, says his base case is still for no US recession. Darwei Kung, DWS Portfolio Manager and Head of Commodities, anticipates oil demand will come down. See omnystudio.com/listener for privacy information.

 Michael Darda, MKM Holdings Chief Economist & Market Strategist, says it is wrong to assume that inflation problems would go away with with lower crude prices. David Herro, Harris Associates Chief Investment Officer for International Equities & Portfolio Manager, says Credit Suisse should be given a chance to turn things around. Jonathan Golub, Credit Suisse Securities Chief US Equity Strategist, says the level of concern in the market is much higher than the underlying backdrop. Ellen Wald, Atlantic Council Senior Fellow, says we've got a recipe for oil prices to keep rising. See omnystudio.com/listener for privacy information.

Julian Emanuel, Evercore ISI Chief Equity and Quantitative Strategist, outlines the conditions necessary for his bear case of the S&P 500 falling to 2,900. Nick Bennenbroek, Wells Fargo International Economist, reacts to the ECB decision. Patrick Armstrong, Plurimi Wealth Chief Investment Officer, says to invest in growth in regions outside of Europe. Seema Shah, Principal Global Investors Chief Strategist, thinks we could see a bear market rally. See omnystudio.com/listener for privacy information.

Laurence Boone, OECD Chief Economist, discusses the cut to their global growth forecast. Danny Blanchflower, Dartmouth College Economics Professor, says the OECD's forecast is too optimistic. Anastasia Amoroso, iCapital Chief Investment Strategist, says there is more and more evidence that we may have reached peak inflation. Ed Morse, Citigroup Global Head of Commodities Research, says "booming" US exports of petroleum products are driving the price of crude higher. See omnystudio.com/listener for privacy information.

 Vincent Reinhart, Dreyfus and Mellon Chief Economist, says a low savings rate shows that households aren't too worried about a recession. Oliver Chen, Cowen Senior Equity Research Analyst, expects Target and other retails to have a better second half of the year. Liz Ann Sonders, Charles Schwab Chief Investment Strategist, a lot of what the market has been facing is priced in to stocks. Mark Cabana, Bank of America Head of US Rates Strategy, says we're in the later innings of the economic cycle. See omnystudio.com/listener for privacy information.

Lori Calvasina, RBC Capital Markets Head of US Equity Strategy, expects a material slowdown in economic growth while skirting a recession. Bruce Kasman, JPMorgan Chief Economist and Head of Global Economic Research, says US growth is slowing, but there is no recession coming in the near-term. Helane Becker, Cowen Senior Research Analyst, says any airline besides American, Delta or United, is going to continue struggling to attract and retain pilots. Vishy Tirupattur, Morgan Stanley Global Director of Fixed Income Research, says credit has a valuation problem. See omnystudio.com/listener for privacy information.

Marty Walsh, US Secretary of Labor, reacts to the US jobs report. Randy Kroszner, University of Chicago Booth School Professor of Economics & Former Fed Governor, says the May employment report will spur the Fed to raise rates by 50 basis points at least through September. Jeff Rosenberg, BlackRock Portfolio Manager of the Systematic Multi-Strategy Fund, says the labor market is "too strong." Jerome Schneider, PIMCO Head of Short-Term Portfolio Management, explains the reasons for investors to remain defensive. See omnystudio.com/listener for privacy information.

 Francisco Blanch, Bank of America Global Research Head of Global Commodities and Derivatives Research, says demand-rationing measures may be needed around world to tame record fuel prices. David Kirkpatrick, Techonomy Founder & Author of The Facebook Effect, discusses Meta after Sheryl Sandberg. Kathy Jones, Charles Schwab Chief Fixed Income Strategist, says the Fed's forecasts are aspirational. Megan Greene, Harvard Kennedy School Senior Fellow & Kroll Institute Global Chief Economist, doesn't expect a recession in the next 12 months. See omnystudio.com/listener for privacy information.

Howard Marks, Oaktree Capital Group Co-Founder & Co-Chairman, says market attitudes are more balanced now and sees a better investment environment for bargain hunters. Bill Dudley, Bloomberg Opinion Columnist & Federal Reserve Bank of New York Former President, says the US job market is the tightest it has ever been and suggests the Fed loosen up its approach. Stephen Schork, Schork Group Founder & President, says inflation has not peaked yet when it comes to food and energy. Deborah Cunningham, Federated Hermes Global Liquidity Markets CIO, says cash is now a valuable investment. See omnystudio.com/listener for privacy information.

 Mohamed El-Erian, Bloomberg Opinion & Queens' College Cambridge President, says The Fed has to decide between two policy mistakes. Christyan Malek, JP Morgan Securities Global Energy Strategist, says there is still a lot of upside to energy prices from here. Ben Laidler, eToro Global Markets Strategist, says we're in a valuation driven correction. Steven Major, HSBC Global Head of Fixed Income Research, says growth risks are growing. Jordan Rochester, Nomura G10 FX Strategist, says euro to parity with the dollar is still possible in the months ahead. Neil Shearing, Capital Economics Chief Economist, is not expecting a recession in the US. Alina Polyakova, Center for European Policy Analysis President & CEO, says there is no end in sight for the war in Ukraine. See omnystudio.com/listener for privacy information.

Brian Deese, US National Economic Council Director, says US economic strengths can help bring prices down. Peter Oppenheimer, Goldman Sachs Chief Global Equity Strategist, says margins are more of a problem than growth. James Stavridis, Former Supreme Allied Commander at NATO and Author, "To Risk It All: Nine Conflicts & The Crucible of Decision," says opening the seas to Ukraine will be the next big move in the war. Leland Miller, China Beige Book International CEO, says the economic conditions in China are the worst they've been in years. Ellen Wald, Atlantic Council Senior Fellow, says the US needs more consistency in its energy regulation. See omnystudio.com/listener for privacy information.

 Michael Feroli, JPMorgan Chief US Economist, says housing is coming back into balance. Geoffrey Yu, BNY Mellon Senior Strategist, says the euro will find a new, higher range but remain under-valued. Amrita Sen, Energy Aspects Chief Oil Analyst, says profit windfall taxes do not work. Jonathan Miller, Miller Samuel President & CEO, says rising mortgage are one of the best things that is happening to housing.  See omnystudio.com/listener for privacy information.

Dan Yergin, S&P Global Vice Chairman, says we're back to a more fragmented and less globalized world. Ian Bremmer, Eurasia Group President, says China is the most important rising power. Scott Minerd, Guggenheim CIO, says no one has cracked the paradigm of crypto. Nela Richardson, ADP Chief Economist, says US fundamentals are strong. Karen Karniol-Tambour, Bridgewater Associates Co-CIO of Sustainable Investing, says there is no energy transition without commodities. Mikael Damberg, Swedish Finance Minister, discusses Sweden's historic decision to join NATO. Macky Tall, Carlyle Global Infrastructure Chairman, says the world is in dire need of more infrastructure investment. Kishore Mahbubani, National University of Singapore Senior Adviser & Public Policy Professor and Former UN Security Council President, says the world has to adjust to a new China.See omnystudio.com/listener for privacy information.

Tom Keene and Lisa Abramowicz are live from the World Economic Forum in Davos, Switzerland. Jason Furman, Former Council of Economic Advisers Chairman, says a Fed funds rate of 4% or higher is completely plausible. Rebecca Patterson, Bridgewater Chief Investment Strategist, warns of a "vulnerable" dollar. John Kerry, US Special Climate Envoy and Former US Secretary of State, discusses the economic opportunity of climate change. Joseph Stiglitz, Columbia University Professor & Nobel Prize-Winning Economist, says raising rates won't fix the inflation problem. David Rubenstein, Carlyle Group Co-Chairman and Co-Founder, sees some buying opportunities in the markets right now. Martin Escobari, General Atlantic Co-President, sees carnage in growth stocks. Senator Pat Toomey, (R) Pennsylvania & Senate Banking Committee Ranking Member, says the Biden administration is an extension of the Trump administration when is comes to trade. Christiano Amon, Qualcomm CEO, discusses the need for a reliable supply chain. See omnystudio.com/listener for privacy information.

 Jonathan Golub, Credit Suisse Chief Equity Strategist, says tech stocks will continue to struggle as long as we're in a high-inflation environment. Kwasi Kwarteng, UK Business & Energy Secretary, warns energy companies they may face a windfall tax if they don’t “step up” on new investments. Savita Subramanian, Bank of America Securities US Equity & Quantitative Strategy Head, says a lot of the bad news is priced in to the markets, but the worst is not yet behind us. John Ryding, Brean Capital Chief Economic Advisor, says the Fed doesn't know what it's going to take to get inflation back down to the 2% level. See omnystudio.com/listener for privacy information.

 Sen. Mike Rounds, (R) South Dakota, says we must lower energy costs in order to address inflation. Lori Heinel, State Street Global Advisors CIO, thinks the Fed could avoid a recession if they move in the summer and then pause. Patrick Palfrey, Credit Suisse Co-Head of Quantitative Research & Senior Equity Strategist, says everything on the fundamental front still seems intact. Robert Hormats, Tiedemann Advisors Managing Director, discusses the importance of President Biden's visit to Asia. See omnystudio.com/listener for privacy information.

Chicago Fed President Charles Evans, says he is extremely confident the Fed can bring down inflation. Anna Han, Wells Fargo Securities Equity Strategist, says it will be difficult for the Fed to achieve a soft landing but recession chances are still low. Joseph Feldman, Telsey Advisory Group Senior Managing Director, says Target's profit cut is "transitory." Kit Juckes, Societe General Chief FX Strategist, doesn't see how Europe avoids a recession. Doug Kass, Seabreeze Partners President, explains why he’s currently increasing his net long exposure and also his view on the NY Yankees. See omnystudio.com/listener for privacy information.

 Jan Hatzius, Goldman Sachs Chief Economist, discusses why his firm cut their US growth forecast. Dana Telsey, Telsey Advisory Group CEO and Chief Research Officer, says digital sales are moderating and consumers are shifting back to brick-and-mortar. Scott Clemons, Chief Investment Strategist, Brown Brothers Harriman, says the market is too pessimistic about the risk of inflation. Winnie Cisar, Creditsights Global Head of Credit Strategy, says we're moving into the credit risk phase of the selloff. See omnystudio.com/listener for privacy information.

 Ukrainian Foreign Minister Dmytro Kuleba rules out offering Putin options for a cease-fire. Mark Esper, Former US Secretary of Defense, says the US needs to be careful about how it deals with China. Amanda Lynam, Goldman Sachs Senior Credit Strategist, sees triple-B firms as the sweet spot. William Lee, Milken Institute Chief Economist, says this is the fist time in the history of the Fed that it may be able to escape crushing the economy to bring inflation down to its target level. Christian Nolting, Deutsche Bank Private Bank Global CIO, says it's time to go back to neural on stocks. See omnystudio.com/listener for privacy information.

 Raghuram Rajan, University of Chicago Booth School Professor & Former Reserve Bank of India Governor, says the market believes the Fed is serious about inflation. Angela Stent, Brookings Nonresident Senior Fellow & “Putin’s World” author, says Putin's army is over-extended. Barton Crockett, Rosenblatt Securities Tech Analyst, doesn't see Elon Musk backing down from the Twitter deal. Megan Greene, Harvard Kennedy School Senior Fellow & Kroll Institute Global Chief Economist, says a soft landing will be tough for the Fed to achieve. Mike Schumacher, Wells Fargo Head of Rates and Macro, says the market has to price in a lot more Fed tightening. See omnystudio.com/listener for privacy information.

Christian Mueller-Glissmann, Goldman Sachs Head of Portfolio Strategy, says markets are going through a valuation reset. Gabriela Santos, JPMorgan Global Market Strategist, is investing based on a soft landing from the Fed. Steve Ricchiuto, Mizuho Americas Chief US Economist, says we are in the final stage of what is going to be a significant bear market. Rep. French Hill, (R) Arkansas, says Jay Powell deserves a second term as Fed chair. See omnystudio.com/listener for privacy information.

 Bill Dudley, Bloomberg Opinion Columnist, Bloomberg Economics Senior Advisor & Former New York Fed President, says the Fed hasn't been forceful enough in stating and achieving goal. Michael Darda, MKM Partners Chief Economist & Macro Strategist, says it is clear the Fed missed the boat on tightening. Carl Weinberg, High Frequency Economics Chief Economist & Managing Director, says the only tool monetary policy has to bring the rate of price increases down is to cause a recession. Michael Nathanson, MoffettNathanson Founding Partner & Senior Research Analyst, wonders whether Disney needs to reassess their streaming strategy.See omnystudio.com/listener for privacy information.

Cecilia Rouse, Chair of the Council of Economic Advisers, discusses how the Biden administration is addressing inflation concerns for Americans. Nathan Sheets, Citi Global Chief Economist, says the Fed is setting the tone for other central banks. Lisa Shalett, Morgan Stanley Wealth Management Chief Investment Officer, says growth may slow much faster than many people believe. Kathy Jones, Charles Schwab Chief Fixed Income Strategist, explains why she likes municipal bonds and not high yield. See omnystudio.com/listener for privacy information.

 Raphael Bostic, Atlanta Fed President, says there is no need for a hike greater than 50 basis point. Wally Adeyemo, U.S. Deputy Secretary of the Treasury, says Russia's actions are a key contributor to energy and food price increases. George Saravelos, Deutsche Bank Global FX Research Head, says the market is too pessimistic on the euro. Ian Shepherdson, Pantheon Macroeconomics Chief Economist, says markets have been too aggressive on the speed of Fed hikes in the short-term. Cynthia Hooper, College of the Holy Cross Director of Russian and Eastern European Studies, discusses Vladimir Putin's Victory Day speech.See omnystudio.com/listener for privacy information.

Marty Walsh, U.S. Secretary of Labor, says 95% of pre-pandemic jobs have recovered. Jeffrey Rosenberg, BlackRock Portfolio Manager of the Systematic Multi-Strategy Fund, says to watch the trend in wage inflation. Neil Dutta, Renaissance Macro Head of Economics, doesn't expect anyone to be talking about a 75 basis-point hike anymore after today's jobs report. Mark Kimmitt, Retired Brigadier General & Former Assistant Secretary of State for Political-Military Affairs, says he would be surprised if the U.S. hadn't been providing intelligence support to Ukraine. See omnystudio.com/listener for privacy information.

 Sebastien Page, T. Rowe Price Chief Investment Strategist and Head of Global Multi-Asset, says world capital markets are going through a hangover. Nela Richardson, ADP Chief Economist, says we can't assume inflation will come down in a straight line. Marc Chandler, Bannockburn Chief Market Strategist, says Europe as a whole looks like it's headed for a recession. Paul Sankey, Sankey Research Founder & Lead Analyst, expects oil to hold in the $110-$115 range.See omnystudio.com/listener for privacy information.

 Jamie Dimon, JPMorgan Chase CEO, says the Fed should have raised rates sooner. Paul Romer, NYU Professor, Nobel Laureate & Former World Bank Chief Economist, says a stable 4% inflation rate should be a good target for the Fed. Ben Laidler, eToro Global Markets Strategist, says equities are in a correction. Elaine Kamarck, Brookings Senior Fellow, Harvard Professor & Former Clinton Administration Official, says the debate over abortion is causing a tsunami of fury ahead of mid-term elections. Barbara Corcoran, The Corcoran Group Founder & "Shark Tank" Executive Producer, says the under-footings of the real estate market are solid. See omnystudio.com/listener for privacy information.

 Ken Rogoff, Harvard Professor of Economics and Public Policy and Former IMF Chief Economist, says the Fed will have to raise rates to 4-5% to curb inflation. Mark Cabana, Bank of America Head of U.S. Rates Strategy, says it will be hard for the Fed to out-hawk the market. Kathy Jennings, Delaware Attorney General and Democratic Attorneys General Association Co-Chair, says the report that the Supreme Court may overturn Roe v. Wade should be a wake-up call for voters everywhere. Alina Polyakova, Center for European Policy Analysis President & CEO, says Putin's survival in Russia depends on a win in Ukraine. David Rubenstein, Bloomberg Wealth Host and Carlyle Group Co-Chairman and Co-Founder, discusses his interview with Marc Lasry, Avenue Capital Group Co-Founder & CEO and Milwaukee Bucks Co-Owner. See omnystudio.com/listener for privacy information.

 Ed Morse, Citigroup Global Head of Commodity Research, says China oil demand growth will be negative this year and won't come back quickly.Leland Miller, China Beige Book International CEO, sees widespread weakness in China. Julian Emanuel, Evercore Chief Equity & Quantitative Strategist, says picking stocks wins the day. Kathy Bostjancic, Oxford Economics Chief U.S. Financial Economist, says the Federal Reserve will go less aggressive than the markets believe. See omnystudio.com/listener for privacy information.

 Philip Lane, European Central Bank Chief Economist, says the key question facing the ECB isn’t whether it should raise interest rates from record lows, but how quickly it should do so. Tom Porcelli, RBC Capital Markets Chief U.S. Economist, weighs in on the debate about how much scope the Federal Reserve has to tighten policy before the economy cracks. Ellen Wald, Atlantic Council Senior Fellow, discusses the latest developments in the global energy markets. Brent Thill, Jefferies Equity Research Analyst, says no one wants to buy anything in tech. See omnystudio.com/listener for privacy information.

 Win Thin, Brown Brothers Harriman Global Head of Currency Strategy, says it's impossible to control the yen.Wei Li, BlackRock Investment Institute Global Chief Investment Strategist, says U.S. markets will outperform their European counterparts due to the local economic drag of the conflict in Ukraine. Vitali Klitschko, Mayor of Kyiv, says Ukraine's economy is destroyed and the safety of those returning to the city cannot be guaranteed. John Lawler, Ford CFO, sees car prices rising further on higher commodity costs.  See omnystudio.com/listener for privacy information.

 Mary Barra, General Motors Chair & CEO, sees "green shoots" in China. Andrew Slimmon, Morgan Stanley Investment Management Senior Portfolio Manager, says 2022 is a battleground between the Fed's pivot and good corporate fundamentals. Tina Fordham, Fordham Global Foresight Founder & Geopolitical Strategist, says the conflict is tipping towards Ukraine. Ed Yardeni, Yardeni Research President, sees a 30% chance of U.S. recession. See omnystudio.com/listener for privacy information.

Scott Kessler of Third Bridge and Brian Wieser of Group M, discuss what analysts and investors are looking for from Elon Musk at Twitter. Mike Mayo, Wells Fargo Senior Equity Analyst, says Citigroup has not been looking after the interests of shareholders. Liz Ann Sonders, Charles Schwab Chief Investment Strategist, says playing field leveled for active vs. passive investing. U.K. Ambassador to the U.S. Karen Pierce discusses her nation's efforts to aid Ukraine, the transition from Russian energy sources, and the need to ensure freedom of navigation. See omnystudio.com/listener for privacy information.

Michael Nathanson, MoffettNathanson Founding Partner & Senior Research Analyst, says Elon Musk's $43 billion purchase offer is a "gift" to Twitter, and suggests the social-media giant "take the money and run." Jens Nordvig, Exante Data Founder & CEO, says the move in the Chinese yuan is the "most dramatic" since 2015. Subadra Rajappa, Societe Generale Head of U.S. Rates Strategy, says best trade may be to move into cash. Andrew Hollenhorst, Citi Chief U.S. Economist, discusses the outlook for the economy and Federal Reserve policy. See omnystudio.com/listener for privacy information.

Daleep Singh, Deputy National Security Advisor, says the U.S. sanctions against Russia are having the expected debilitating effect. Jean Boivin, Head of the BlackRock Investment Institute, doesn't expect the Fed to go beyond neutral. Glenn Hubbard, Columbia Professor & Former Council of Economic Advisers Chairman, says the Fed still has credibility with the public. Kelsey Berro, JPMorgan Investment Management Fixed Income Portfolio Manager, says oversold markets can stay oversold. Geoffrey Yu, Bank of New York Mellon Senior EMEA Markets Strategist, expects to see a lot of chop and change in emerging markets. See omnystudio.com/listener for privacy information.

Valdis Dombrovskis, European Commission Executive Vice President, says Putin will continue his aggression beyond Ukraine if he is not stopped there. Claudia Sahm, Jain Family Institute Director of Macroeconomic Research and Former Federal Reserve Economist, says the Fed doesn't have the power to control food and gas prices. Jon Gray, Blackstone COO, says the market selloff is creating opportunities. Dan Ives, Wedbush Managing Director of Research, expects to see strong tech earnings next month. See omnystudio.com/listener for privacy information.

David Malpass, World Bank President, calls for a more robust world debt resolution process. Brian Wieser, GroupM Global President for Business Intelligence, says investor expectations for Netflix were "way out of whack." Stephen Roach, Yale University Jackson Institute of Global Affairs Senior Fellow, says the Fed has miles to go on normalization. Jim Bianco, Bianco Research President, says investors should pay more attention to the effect of Japanese monetary policy on the U.S. treasury market. Margie Patel, Allspring Global Investments Senior Portfolio Manager, says the Fed may be nearing a pause on hikes. See omnystudio.com/listener for privacy information.

Mona Mahajan, Edward Jones Senior Investment Strategist, says investors are bracing for a big Fed move. Robert Blackwill, CFR Senior Fellow, says Russia is unlikely to use a nuclear device, but it is no longer impossible. Mark McCormick, TD Securities Global Head of FX Strategy, thinks the U.S. dollar can still strengthen from here. Amesh Adalja, Johns Hopkins Center for Health Security Senior Scholar, says it may take a while for the medical community to gain back the trust of the American public. David Rubenstein, Carlyle Group Co-Founder & Co-Chairman, discusses his interview with Apollo Global Management CEO Marc Rowan. See omnystudio.com/listener for privacy information.

 Bill Dudley, Bloomberg Opinion & Former New York Fed President, argues that the slower the Fed moves, the harder the landing will be. John Lipsky, Johns Hopkins University School of Advanced International Studies Distinguished Scholar and former IMF First Deputy Managing Director, says the war in Ukraine has the potential for very serious and long-lasting disruptions in grain markets. Daniel Skelly, Morgan Stanley Wealth Management Head of Market Research & Strategy, says he's seeing mixed messages from the stock and bond markets. Michelle Meyer, MasterCard Chief U.S. Economist, says consumer spending is still strong in the U.S. Alina Polyakova, Center for European Policy Analysis President & CEO, says Mariupol is the only thing standing in the way of Russia connecting its land and naval forces in Ukraine. See omnystudio.com/listener for privacy information.

John Williams, Federal Reserve Bank of New York President, says including hikes in increments of a half-percentage point is a “reasonable option” for the Fed. Kristalina Georgieva, IMF Managing Director, says the war in Ukraine is threatening the world order. Gita Gopinath, IMF First Deputy Managing Director, expects to see inflation easing toward 3% in the second half of the year. Angela Stent, Brookings Non-Resident Senior Fellow and Dan Yergin, S&P Global Vice Chairman, discuss their outlook for the war in Ukraine. Adam Posen, Peterson Institute President & Former BOE Monetary Policy Committee Member, says inflation is probably peaking in the U.S.See omnystudio.com/listener for privacy information.

New York City Mayor Eric Adams discusses his plan for reducing crime in New York City. Nina Khrushcheva, The New School Professor of International Affairs, discusses what the possibility of Finland and Sweden joining NATO means for Putin. Steven Englander, Standard Chartered Bank Global Head of G10 FX Research, says dollar strength has more to do with inflation than concerns from the Russia-Ukraine War. Kathy Bostjancic, Oxford Economics Chief U.S. Economist, expects to see inflation above 5% at the end of the year. Peter Tchir, Academy Securities Head of Macro Strategy, expects equities to return to their pre-March Fed lows.See omnystudio.com/listener for privacy information.

Seth Carpenter, Morgan Stanley Chief Global Economist, says we have reached peak inflation in the U.S. Joyce Chang, JPMorgan Chair of Global Research, says the lockdowns in China are affecting the equivalent of more than one-third of China's GDP right now. Robert Tipp, PGIM Fixed Income Chief Investment Strategist, thinks the market will be able to tolerate the Fed's rate hikes. Julie Norman, UCL Centre on U.S. Politics Co-Director, says any war crime litigation against Putin wouldn't deter his actions in the current moment.See omnystudio.com/listener for privacy information.

Neil Dutta, Renaissance Macro Head of U.S. Economic Research, says the risk of recession in the U.S. is no higher than it normally is. Marilyn Watson, BlackRock Head of Global Fundamental Fixed Income Strategy, says rates can still move higher from here. Jonathan Fenby, Author of "The History of Modern France," says the conventional center-left, center-right division on which the Fifth Republic of France has lasted for the past 50 years or more is now destroyed. Ellen Wald, Atlantic Council Senior Fellow, says the war in Ukraine has given Iran an advantage in selling oil.See omnystudio.com/listener for privacy information.

Jan Hatzius, Goldman Sachs Chief Economist, says there's a chance the Fed may need to hike rates past 4%. Kristina Kvien, U.S. Charge d’Affaires to Ukraine, says Turkey has been playing a positive role in its support of Ukraine. Anastasia Amoroso, iCapital Chief Investment Strategist, says now is the time to look at put options. Ebrahim Rahbari, Citi Global Head of FX Analysis, says the markets haven't decided whether to expect a slowdown or a recession.See omnystudio.com/listener for privacy information.

Olivier Blanchard, Former IMF Chief Economist, says the Fed is going to have a hard time slowing inflation. Vincent Reinhart, Dreyfus and Mellon Chief Economist, says the Great Moderation is over. Savita Subramanian, BofA Securities Equity and Quant Strategist, says energy is investable again. Alina Polyakova, Center for European Policy Analysis President & CEO, says Putin may advance further into Europe if he takes Ukraine. Elsa Lignos, RBC Global Head of FX Strategy, says there are big obstacles to de-dollarization.See omnystudio.com/listener for privacy information.

Bill Dudley, Former New York Fed President and Bloomberg Opinion Columnist, says the Fed might need to force stocks to fall. Evelyn Farkas, Former U.S. Deputy Assistant Secretary of Defense for Russia, Ukraine and Eurasia, says she is worried the U.S. is not thinking enough about how to save lives in Ukraine. Michael Collins, PGIM Fixed Income Senior Portfolio Manager, says higher inflation is going to start destroying demand. Senator Bill Cassidy, (R) Louisiana, is proposing an Operation Warp Speed to combat high energy prices. Lindsey Piegza, Stifel Chief Economist, expects a negative GDP print in the first quarter of next year.See omnystudio.com/listener for privacy information.

Kathy Jones, Charles Schwab Chief Fixed Income Strategist, expects the Federal Reserve to reduce the pace of its policy tightening as U.S. inflation moderates. Andrew Weiss, Carnegie Endowment for International Peace Vice President of Studies, is skeptical the U.S. has any great power to shift the ultimate political direction of Russia. Frances Donald, Manulife Investment Management Global Chief Economist & Strategist, expects inflation to move back to 2% in 2023. Sarah Hunt, Alpine Woods Capital Investors Portfolio Manager, says it's important to have some cash in your portfolio.See omnystudio.com/listener for privacy information.

John Bolton, Former U.S. National Security Advisor and The Foundation for American Security and Freedom Chairman, says the U.S. and its allies are not doing enough to support Ukraine. Lori Calvasina, RBC Capital Markets Head of U.S. Equity Strategy, says companies have gotten much better at combating margin pressures. Andrew Hollenhorst, Citi Chief U.S. Economist, says it is important to watch the housing sector to see the impact of interest rates on the economy. Doug Kass, Seabreeze Partners President, explains why he thinks markets are underpricing risk.See omnystudio.com/listener for privacy information.

Amos Hochstein, U.S. State Department Senior Advisor for Energy Security, expects U.S. allies to bring more oil into the marketplace as well. Marty Walsh, U.S. Labor Secretary, reacts to the U.S. jobs report. Jeff Rosenberg, BlackRock Portfolio Manager of the Systematic Multi-Strategy Fund, says the Fed has to accelerate tightening. Elliot Ackerman, '2034: A Novel of the Next World' Co-Author and Former U.S. Marine Corps Veteran, says Ukrainians are mobilized to win this war.See omnystudio.com/listener for privacy information.

Richard Haass, Council on Foreign Relations President & Author of "The World: A Brief Introduction," expects a new global equilibrium to emerge from the war between Russia and Ukraine. Regina Mayor, KPMG Global Head of Energy, says oil markets are poised to settle down toward the end of 2022 and into 2023. Nela Richardson, ADP Chief Economist, expects a shift in consumer spending on the horizon. Andrew Sheets, Morgan Stanley Chief Cross Asset Strategist, discusses the impact of a U.S. yield curve inversion on financial markets. Jim Glassman, JPMorgan Head Economist for Commercial Banking, expects the rate of inflation to slow down this year.See omnystudio.com/listener for privacy information.