Bloomberg Surveillance

Charles Evans, the president of the Federal Reserve Bank of Chicago, discusses inflation expectations and says we should be spending time above two percent inflation. Christopher Scalia, editor of "Scalia Speaks," talks about his dad Antonin Scalia and reflects on law and faith. Mike Mayo, the head of U.S. large-cap bank research at Wells Fargo, says banks seek returns and profitability and not market share. Finally, William Blair's Nick Heymann says Honeywell isn't broken, just simplifying. See omnystudio.com/listener for privacy information.

Richard Thaler, the winner of the Nobel Prize in Economics, discusses volatility in stocks and says stocks can't be based on the certitude that there will be a massive tax cut. Prior to that, Kevin Hassett, the chair of the Council of Economic Advisers, says tax reform deserves bipartisan support. Luigi Zingales, a finance professor at the University of Chicago's Booth School of Business, says it's impossible to think about economics without behavioral economics. Finally, Olivier Blanchard, a senior fellow at the Peterson Institute, says tax reform won't boost growth. See omnystudio.com/listener for privacy information.

Glenn Hubbard, the dean of Columbia University Business School, discusses Richard Thaler's "great" Nobel Prize win. Andreas Dombret, a board member at Deutsche Bundesbank, says the Basel Committee is moving closer and closer to a deal. Yale University's Robert Shiller says behavioral economics is the most important thing to happen in economics in the last 20 years. Finally, Randall Kroszner, a professor of economics at the University of Chicago's Booth School of Economics, says adding humanity into economics has been a transformation in recent years. See omnystudio.com/listener for privacy information.

Janus Henderson's Bill Gross says Neel Kashkari would be his choice for chair of the Federal Reserve, but doesn't see it happening. Princeton's Alan Krueger says the tax proposals could have substantial effects on the U.S. economy. Finally, Gary Cohn, director of the U.S. National Economic Council, says the stock market reflects President Trump's economic plan.See omnystudio.com/listener for privacy information.

We are in an era of weak leadership, says Marc Chandler, Brown Brothers Harriman's global head of currency strategy, and the support ratings for some leaders in Europe are lower than Donald Trump's. Eurasia Group's Jon Lieber says the military has a strong command on Trump's foreign policy. Finally, Representative Peter Roskam, a Republican from Illinois, says the end game is transformational tax reform.See omnystudio.com/listener for privacy information.

Richard Haass, president of the Council on Foreign Relations, says Rex Tillerson can't succeed in his role as Secretary of State and that it's hard to run a disciplined operation under this administration. Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities, says a lot of economists are worried about the proposed tax plan's impact on deficit and debt. Finally, Willett Advisors' Steve Rattner says it's the White House's responsibility to "herd the cats" and bring people together.See omnystudio.com/listener for privacy information.

Tom Keene sits down with Fed Vice Chairman, Stanley Fischer in an interview on Fed policy and the future of the Fed before his departure from the role. See omnystudio.com/listener for privacy information.

Lawmakers and executives are struggling to keep up with the influence of social networks and modern communication, Niall Ferguson, a senior fellow at the Hoover Institution, says. JPMorgan's John Normand says Brexit seems to be going soft. Finally, Representative Jan Schakowsky, a Democrat from Illinois, says the cardinal sin of politics is disrespect.See omnystudio.com/listener for privacy information.

Filmmaker Ken Burns discusses the state of American gun legislation and his latest documentary, "The Vietnam War." Bob Profusek, a partner and head of M&A at Jones Day, says people within China's deal environment aren't worried about currency or regulation, but the attitude of the U.S. administration. Steven Barr, PWC's consumer markets leader, says physical retail may be stronger this holiday season. Finally, former Acting CBO Director Donald Marron says there's evidence that links tax cuts and economic growth, but it isn't as compelling as some think. See omnystudio.com/listener for privacy information.

Gary Cohn, the director of the National Economic Council, says the Trump administration is creating a tax plan that encourages Americans to invest in the future of the country. Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission, says the CFTC needs a 12 percent budget increase for more examiners, more economists and more technology. Ken Sena, a senior analyst at Wells Fargo Securities, reveals how his proprietary research into AI could shift the landscape for investors. Representative Tom Reed, a Republican from New York, talks about the proposed tax plan and says we have to reward hard work, not penalize it.See omnystudio.com/listener for privacy information.

Stephen Moore, a former economic adviser for the Trump campaign, says corporations are holding up to $3 trillion abroad that needs to be brought back to the U.S. to get the economy growing. Prior to that, Dennis Gartman, editor and publisher of the Gartman Letter, says Bitcoin and other cryptocurrencies are ridiculously priced. Americans are tired of waiting for what the GOP said it would do, Republican Representative Jim Jordan says. Finally, Janus Henderson's Ashwin Alankar says as long as interest rates stay low, it's hard for volatility to rise. See omnystudio.com/listener for privacy information.

E.J. Dionne, the author of "One Nation After Trump" and a columnist at The Washington Post, says one of the biggest problems the U.S. faces is the disconnect between the economies of metro areas and smaller, industrial ones. It's great to have a turnover in Congress, according to Senator Pat Toomey, a Republican from Pennsylvania. Markets are drowning in cash, Bob Michele, managing director at JPMorgan Asset Management, says. CFRA's Lindsey Bell says equities are "the best house on the block." Finally, Chad Thomas, Bloomberg's bureau chief in Berlin, says Angela Merkel and German Finance Minister Wolfgang Schaeuble have a "love-hate" relationship. See omnystudio.com/listener for privacy information.

Chris Ailman, CIO of CalSTRS, says we'll see a split in market research and when it's valuable, people should be willing to pay for it. OPEC's power is diminishing but it still has the power to jawbone the price of oil, Bloomberg Intelligence's Mike McGlone says. Senator Chris Van Hollen, a Democrat from Maryland, says his party needs to refocus on what the Democratic party has always stood for: the chance for everybody to have a good job and decent future. Former Health and Human Services Secretary Kathleen Sebelius says more competition is the best rate restrictor in health care. Finally, Joel L. Fleishman, a professor at Duke University, talks about his book "Putting Wealth to Work: Philanthropy for Today or Investing for Tomorrow?" and says the most interesting things in life are the ones that can't be measured. See omnystudio.com/listener for privacy information.

John Kornblum, the former U.S. Ambassador to Germany, questions if Germany's next generation will jump into the digital world or become more national oriented. Jeromin Zettelmeyer, the former director-general for economic policy at the German Federal Ministry for Economic Affairs and Energy, says Germany's governing coalition has done very well economically. John Vail, the chief global strategist at Nikko Asset Management Americas, says the Japanese people are actually against inflation. The oil industry's in denial about electric cars, PK Verleger President Phil Verleger says. Finally, Cornell University's Eswar Prasad says the PBOC is in a good spot with the renminbi.See omnystudio.com/listener for privacy information.

U.S. Commerce Secretary Wilbur Ross says that NAFTA is killing jobs and that the U.S. is the least protectionist major economy in the world. Prior to that, Ellen Zentner, Morgan Stanley's chief U.S. economist, says it's impossible to sustain three percent GDP growth with U.S. productivity the way it is. Finally, David Rubenstein, co-CEO of the Carlyle Group, says CBS CEO Les Moonves has an ability to pick shows that work. See omnystudio.com/listener for privacy information.

President Trump, Paul Ryan and Mitch McConnell torpedoed the bipartisan effort to pass healthcare, Senator Tim Kaine says. Prior to that, Wolfgang Ischinger, chairman of the Munich Security Conference, says there's no way that Germany, France or the U.K. can replace the leadership of the U.S. Finally, Stephen Roach, a senior fellow at Yale University, says there's a "tug of war" in China between the role of the state and the role of the markets.See omnystudio.com/listener for privacy information.

The former governor of the Bank of England, Mervyn King, talks about how the financial crisis changed the banking culture and says a market economy can't succeed with near-zero interest rates. Martin Sorrell, CEO of WPP, says the uncertainty Brexit caused has been excruciating for his company. Finally, David Rubenstein, co-CEO of the Carlyle Group, defends the liberal arts education as important in business.See omnystudio.com/listener for privacy information.

Ahead of Wednesday's Fed meeting, Russ Koesterich, a global allocation fund manager at BlackRock, discusses criticisms of the U.S. central bank and says rates aren't an ideal tool for tackling income inequality. Toby Cosgrove, the president of the Cleveland Clinic, says people must recognize the magnitude of the opiod crisis and it's up to the state and federal governments to solve it. Douglas Holtz-Eakin, the president of the American Action Forum, discusses the deficit and its disservice to the overall economy. Finally, Gary Bettman, the commissioner of the National Hockey League, says new guidelines have opened up hockey to become a game of speed and skill. See omnystudio.com/listener for privacy information.

Congress needs to disrupt its 19th-century structure, while still respecting the institution, Jane Harman, the president and CEO of the Woodrow Wilson Center, says. Willett Advisors' Steve Rattner says the existential question for Apple is what is the next act and is Tim Cook able to produce it? Finally, Princeton economist Alan Krueger discusses the connection between the opioid crisis and labor force participation.See omnystudio.com/listener for privacy information.

Hugh Hendry, the founder of Eclectica Asset Management, discusses the motivations behind the decision to close the Eclectica Fund and says the global macro game will get fun again in the future. Sen. Ben Cardin, a Democrat from Maryland, says the only way our political system will function is if Republicans and Democrats work together. Fortress Investments' Wes Edens, Marc Lasry, the founder of Avenue Capital Group and co-owner of the Milwaukee Bucks, and Jamie Dinan, the founder of York Capital Management, talk about investing in a "tough" environment and the evolution of basketball. Finally, Christopher Hill, former U.S. Ambassador to South Korea, says the U.S. and China must do more than sanctions against North Korea. See omnystudio.com/listener for privacy information.

It's embarrassing that parents have more choices of mayonnaise at the supermarket than they do schools to send their children to, Sen. John Kennedy, a Republican from Louisiana, says. Pimco's Rich Clarida says technology, trade, and immigration are working together to create anxiety for Americans. Finally, former CIA director Jim Woolsey says Russia's interference with elections isn't new--it's the cyber-tactics they're using.See omnystudio.com/listener for privacy information.

We need to focus on getting workers the skills they need for the jobs that need filling, David Herro, Harris Associates' CIO of international equity, says. Michael R. Bloomberg, founder and majority owner of Bloomberg LP, and Daniel Huttenlocher, dean of Cornell Tech, discuss the university's new campus on Roosevelt Island. Finally, Gene Munster, co-founder of Loup Ventures, says Apple is defying the laws of physics in pricing its products.See omnystudio.com/listener for privacy information.

Most Americans no longer believe the American dream applies to them, Ian Bremmer, president of the Eurasia Group, says. Peter Henry, the dean of NYU's Stern School of Business, says many are still enthusiastic about jobs in public service. Finally, the retention rate of Apple iPhone users is higher than any other product out there, Walter Piecyk, an analyst at BTIG, reports.See omnystudio.com/listener for privacy information.

Nobel winner Joseph Stiglitz, currently an economics professor at Columbia University, says if President Trump asked, he would agree to lead the Federal Reserve. Prior to that, Elaine Kamarck, a senior fellow at the Brookings Institution, says Trump seems bent on making enemies in Washington. Jonathan Miller, CEO of Miller Samuel, says 16 years after 9/11 lower Manhattan’s pace of gentrification has accelerated. Finally, Kurt Andersen, host of Studio 360, discusses his new book, Fantasyland: How America Went Haywire, tracing the Internet’s evolution as a launch pad for lies and what laid the groundwork for it.See omnystudio.com/listener for privacy information.

Mohamed El-Erian, a columnist at Bloomberg View, says the Fed is in the midst of a "beautiful normalization" and needs a team approach. Prior to that, Chuck Gabriel, founder of Capital Alpha Partners, says President Trump's deal with Democrats will only make tax reform harder. Finally, Jeffrey Solomon, president of Cowen and Co., says the research industry is at a point where excellence wins and mediocrity is eliminated. See omnystudio.com/listener for privacy information.

Former Philadelphia Fed President Charles Plosser says two percent inflation target is achievable and vacancies at the Fed are the result of politicization. Gregg Lemkau, Goldman Sachs' co-head of investment banking, says the lack of predictability in the Trump administration has people pausing on deals and transactions. Finally, Atul Lele, Deltec's chief investment officer, says U.S. economic expansion has been driven mainly by private industry.See omnystudio.com/listener for privacy information.

Former U.S. Secretary of Commerce Carlos Gutierrez discusses the need for more comprehensive immigration reform. Prior to that, Peter Hayes, BlackRock's head of municipal bonds, says one must believe in the long-term efficacy of a particular state when buying bonds. Finally, Kathleen Fisher, AllianceBernstein's head of wealth and investment strategies, says small banks buying even smaller ones.See omnystudio.com/listener for privacy information.

North Korea's Kim Jong-Un wants the U.S. to "get off his lawn" and Americans shouldn't worry about nuclear war any time soon, says Mark Kimmitt, the former U.S. assistant secretary of state for political-military affairs. Prior to that, James Stavridis, dean of the Fletcher School at Tufts University, says China holds North Korea's leash. Finally, Steve Bell, a senior advisor at the Bipartisan Policy Center, says there's a chance of tax cuts in early 2018.See omnystudio.com/listener for privacy information.

Bill Gross, a fund manager at Janus Henderson, says this is a weak jobs report and that he sees the U.S. budget deficit increasing. Prior to that, Jim Glassman, JPMorgan's head economist for commercial banking, says economists should worry when businesses stop worrying. Gary Cohn, director of the White House National Economic Council, says a tax blueprint will be coming out in the next couple of weeks. Finally, Brian Kelly, founder of The Points Guy, says avoid flying to Houston, but if you are, ask for a "weather waiver."See omnystudio.com/listener for privacy information.

Dennis Gartman, editor and publisher of the Gartman Letter, says there won't be any gasoline from the Colonial pipelines for the next several weeks. Prior to that, Nicholas Akins, CEO of American Electric Power, says it's critical to get electrical power back up at chemical facilities in Houston. Finally, Michael Brown, an economist at Wells Fargo, says he expects Democrats to support a clean debt-ceiling bill.See omnystudio.com/listener for privacy information.

Ellen Zentner, Morgan Stanley's chief U.S. economist, tells Tom Keene and Francine Lacqua why Morgan Stanley is revising its GDP forecast and says the economy hasn't seen the worst yet for inflation this year. Jens Nordvig, Exante Data's CEO and founder, says there's too much concern about European political risk. Jacques Rousseau, an oil and gas analyst at Clearview Energy Partners, says things may get to the point where companies borrow oil. Finally, Daniel Alpert, Westwood Capital's managing partner, says the vicious cycle of borrowing to consume is re-emerging.See omnystudio.com/listener for privacy information.

Ralph Schlosstein, president and CEO of Evercore Partners, says the next chair of the Federal Reserve doesn't have to be a seasoned economist. Prior to that, Harm Bandholz, Unicredit's chief U.S. economist, says the U.S. will be at two percent GDP by the end of next year. Pete Sessions, a Republican representative from Texas, says President Trump must figure out where his best talents are quickly. Finally, Bruce Klingner, a former CIA deputy division chief, says China would act on North Korea if the U.S. limited their financial access.See omnystudio.com/listener for privacy information.

Former FEMA Director James Lee Witt says Trump's done everything right so far on Hurricane Harvey. Prior to that, Representative Mark Walker, chairman of the Republican Study Committee, says he expects U.S. tax reform to pass before Thanksgiving. Noah Feldman, a Bloomberg View columnist, says it's clear Trump ignored all formal processes in pardoning Sheriff Joe Arpaio. Finally, former Fed Vice Chair Alice Rivlin says a government shutdown could still happen, even though she doesn't expect it.See omnystudio.com/listener for privacy information.

Robert Kaplan, president of the Dallas Federal Reserve Bank, says the economy is closer to the neutral rate than some think, and the Fed should be moving on its balance sheet. Glenn Hubbard, dean of the Columbia Business School, sees 2 percent inflation in the not-too-distant future. Finally, Mohamed El-Erian, Allianz SE's chief economic adviser, says despite the back and forth in Washington, the government's debt ceiling will be resolved.See omnystudio.com/listener for privacy information.

Esther George, president of the Kansas City Federal Reserve Bank, says the Fed can start shrinking its balance sheet and that there's still an opportunity to increase rates once more. Prior to that, Ron Temple, Lazard Asset Management's co-head of multi-asset investment, says leadership is not a tweet. Shannon O'Neil, a senior fellow at the Council on Foreign Relations, says Latin American countries have a reflex action about U.S. tough talk. Finally, Tim Pawlenty, the former governor of Minnesota and a former presidential candidate, says despite Democrat opposition, a tax bill could be forced through by Republicans if they wanted.See omnystudio.com/listener for privacy information.

Chuck Gabriel, president of Capital Alpha Partners, says Trump doesn't have to play a heroic role, just a less destructive one. Gary Shilling, president of A. Gary Shilling & Co., says massive tax reform is due in the U.S. Finally, Jacques Rousseau, the managing director of global oil and gas at Clearview Energy Partners, says there's a disconnect in gas consumption data.See omnystudio.com/listener for privacy information.

Former U.S. Army Secretary Eric Fanning says President Trump is over-relying on military advice and that his views on Afghanistan have evolved significantly. Prior to that, Conrad Dequadros, RDQ Economics' senior economist, says there's a low chance that U.S. fiscal policy will change. Finally, Lawrence Korb, the former assistant secretary of defense, says Trump's policy on Afghanistan risks inciting terrorists.See omnystudio.com/listener for privacy information.

Former GM CEO Dan Akerson says President Trump can win back peoples' good will with good deeds. Prior to that, Nathan Sheets, chief economist at PGIM Fixed Income, says Mario Draghi will probably focus on international economic issues at Jackson Hole. Brad Blakeman, a Republican strategist, says it's now up to Trump to unite the country. Finally, Grover Norquist, president of Americans for Tax Reform, says Steven Bannon's tax proposal was the "stupidest, dumbest and more destructive" idea he's heard.See omnystudio.com/listener for privacy information.

Jytte Klausen, a professor at Brandeis University, says terror attacks in Europe reflect failures by local officials. Jim Glassman, JPMorgan Chase's commercial banking head economist, says the Fed needs to hold high ground. John Hudak, a senior fellow at the Brookings Institution, says President Trump still has a lot of tacit support. Finally, Mitch Lowe, the CEO of MoviePass, says cinemas must ramp up their security.See omnystudio.com/listener for privacy information.

Douglas Brinkley, a historian and professor at Rice University, says there's a fierce hatred between Americans. Prior to that, Senator Benjamin Cardin, a Democrat from Maryland, says more people need to speak out against President Trump. David Herro, Harris Associates' CIO of international equity, says there are still opportunities in Italian banks. Republican Representative David Reichert says Trump's Charlottesville remarks were concerning. Finally, Chuck Robbins, the CEO of Cisco, says the company's transition to software is speeding up.See omnystudio.com/listener for privacy information.

Brad DeLong, an economics professor at Berkeley, says Wal-Mart, not Amazon, is killing small-town America. Prior to that, New Jersey Representative Bill Pascrell, a Democrat, says Republicans are afraid to stand up to Trump. Sebastien Galy, a macro strategist at Deutsche Bank, says wages will eventually rise. Finally, Michael Barone, the author of "The Almanac of American Politics," says Democrats and Trump are both behaving irrationally.See omnystudio.com/listener for privacy information.

Neal Soss, Credit Suisse's vice chairman of global fixed income, says it's been difficult to get inflation to move and politics is a distraction to markets. Prior to that, Gideon Rose, the editor of Foreign Affairs magazine, says the U.S. isn't Venezuela and President Trump won't bring this country down. Then, Admiral James Stavridis, the dean of the Fletcher School at Tufts University, says he has enormous respect for John Kelly and communicates with him often.See omnystudio.com/listener for privacy information.

Thomas Ricks, a Pulitzer-prize winning author, says U.S. political turmoil is reminiscent of the 1930s. Prior to that, Douglass Kass, founder and partner at Seabreeze Partners, says he expects Twitter to be part of a much larger company by next year. Fred Hochberg, the former chairman of Export-Import Bank of U.S., says the future of the Democratic party will be with the young and millennials. Finally, Michael Mullen, the former chairman of the Joint Chiefs of Staff, says Trump hasn't left himself room to maneuver with China.See omnystudio.com/listener for privacy information.

Mike Mayo, Wells Fargo's head of U.S. large-cap bank research, says the heat is on Goldman Sachs and that he expects to see a jump in Citigroup shares. Prior to that, Doug Bandow, a senior fellow at the Cato Institute, says bluff and bluster doesn't help the U.S. Then, Jeffrey Rosenberg, BlackRock's chief fixed-income strategist, says inflation reports matter to the Fed as it's looking for transitory weakness. Finally, Diane Swonk, founder of DS Economics, says inflation data from September and October will be more important for the Fed.See omnystudio.com/listener for privacy information.

Dominic Konstam, Deutsche Bank Securities' global rates research head, says the Fed will face questions if inflation stays low and says that fiscal reform may raise potential U.S. growth. Frank Keating, the former governor of Oklahoma, says Trump must be a cheerleader for his agenda. Former Assistant Secretary of State Mark Kimmitt says the U.S. needs to meet Kim Jong-un capability-for-capability and word-for-word so that he's no longer a threat to the region. Finally, Austan Goolsbee, a professor at the University of Chicago's Booth School of Business, says the U.S. isn't doing a great job about measuring part-time jobs in the labor economy.See omnystudio.com/listener for privacy information.

General Wesley Clark, the former NATO Allied Supreme Commander, says the Democratic party needs to focus on economic growth. Prior to that, Ted Alden, a senior fellow at the Council on Foreign Relations, says China is North Korea's primary trade partner and sanctions will squeeze North Korea's economy to a degree we haven't seen in the past. Michael Nathanson, a senior research analyst at MoffettNathanson, says cable companies may shift the profit they made from TV to profit from broadband. Finally, Oklahoma Representative Tom Cole says the U.S. doesn't want to be provocative but does need North Korea to know it's serious.See omnystudio.com/listener for privacy information.

Leon Cooperman, chairman and CEO of Omega Advisors, talks about Bill Ackman's plans for Automatic Data Processing Inc. Prior to that, Martin Sorrell, CEO of WPP, says China is becoming a major technological force. Then, Jared Bernstein, a senior fellow at the Center on Budget Policy, says the U.S. tax codes are just too complex.See omnystudio.com/listener for privacy information.

Adam Posen, president of the Peterson Institute for International Economics, says the Fed is in a period of "normal" difficulties. Prior to that, Kevin Logan, HSBC's chief U.S. economist, says the Fed is on course to begin its disinvestment policy. Deborah Lehr, a senior fellow at the Paulson Institute, says there's concern about China's abilities to combat North Korea. Finally, Alexia Howard, a senior research analyst at Sanford Bernstein, says Mondelez is struggling in emerging markets.See omnystudio.com/listener for privacy information.

White House economic adviser Gary Cohn says there's more deregulation to come. Prior to that, Jim Glassman, a senior economist at JPMorgan, says U.S. benchmarks we used to have are obsolete. Mohamed El-Erian, a Bloomberg View columnist, says Euro gloom has given way to Euro optimism. Alan Krueger, a professor at Princeton University, says technology isn't a job-killer. Finally, Bill Gross, a fund manager at Janus Henderson, says real interest rates are a problem.See omnystudio.com/listener for privacy information.

Neuberger Berman's Charles Kantor discusses the Amazon/Whole Foods deal and also says GE's Jeff Immelt performed well for his company. Peter Westaway, Vanguard Asset Services' chief European economist, says the slightly dovish message from the BOE is appropriate. Finally, Michael Chertoff, former U.S. Secretary of Homeland Security, says the scale of cyberattacks will grow.See omnystudio.com/listener for privacy information.