Bloomberg Surveillance

Alan Ruskin, global co-head of head of currency research at Deutsche Bank Securities, warns that U.S. investors risk losing their "animal spirits." Joe Antos, a health economist at the American Enterprise Institute who is critical of the Affordable Care Act, says Republicans should take time to refine their health-care plan. Doug Kass, president of Seabreeze Partners, says the unexpected often moves markets. Finally, Jim Palmer, former Hall of Fame pitcher for the Baltimore Orioles, discusses the business of baseball.See omnystudio.com/listener for privacy information.

Andy Slavitt, the former administrator of the Centers for Medicare and Medicaid, says politicians must make progress on the health-care bill, without pride of authorship. Prior to that, Neil Dutta, Renaissance Macro's head of U.S. economics, says animal spirits are returning to America, but not in Europe. Bob Haber, Proficio Capital Partners' founder, says he's sitting on the sidelines for private equity. Finally, Michael Froman, a former U.S. Trade representative, says several TPP countries want to move ahead on the deal without the U.S.See omnystudio.com/listener for privacy information.

Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, says there's room for debate on where to spend federal dollars. Prior to that, Carl Weinberg, the chief economist at High Frequency Economics, says he's skeptical that GDP growth will be as high as the Trump administration has promised. Doug Holtz-Eakin, the president of the American Action Forum, discusses the Congressional Budget Office's review of the proposed American Health Care Act. Finally, Greg Valliere, the chief global strategist at Horizon Investments, says Medicaid cuts are a non-starter.See omnystudio.com/listener for privacy information.

Janus Capital's Bill Gross says it's a stretch to think that job growth will continue. Prior to that, Michael Cannon, the Cato Institute's director of health policy studies, says the country needs a full repeal of the Affordable Care Act. Willem Buiter, Citigroup's chief economist, says there's a risk of the rise of fascism in Europe. Finally, Alan Krueger, an economics professor at Princeton University, says the U.S. corporate tax system is awful.See omnystudio.com/listener for privacy information.

JPMorgan CEO Jamie Dimon says consumer and small-business confidence have skyrocketed under Trump's growth agenda. Prior to that, former ECB President Jean-Claude Trichet says that productivity in the U.S and E.U. isn't rising fast enough. Nathan Sheets, the U.S. Treasury Department's former undersecretary for international affairs, says a key question is how committed America is to a free trading order across the globe. Finally, Steve Wieting, Citi Private Bank's global chief strategist, says he trusts polls less and relies more on politics in investing.See omnystudio.com/listener for privacy information.

U.S. Commerce Secretary Wilbur Ross says he's still studying a border adjustment tax and hasn't yet taken a position on it. Prior to that, Kate Moore, BlackRock's chief equity strategist, says low volatility doesn't indicate complacency -- instead, it suggests paralysis and confusion. Finally, Lindsey Piegza, Stifel Nicolaus' chief economist, says it's clear underemployment is significant when looking at wages.See omnystudio.com/listener for privacy information.

Mervyn King, former governor of the Bank of England, discusses the role that the House of Lords plays in the Brexit process. Catherine Mann, the OECD's chief economist, says a U.S. border tax won't achieve its aims. Finally, Howard Dean, a former Democratic presidential candidate, says Trump's health-care proposal is "pretty bad."See omnystudio.com/listener for privacy information.

Olivier Blanchard, the former IMF chief economist, says forecasts for productivity growth are uncertain. Prior to that, Edward Alden, a senior fellow at the Council on Foreign Relations, says the right economic nationalist conversations to be having are those that surround corporate tax reform. Torsten Slok, the chief economist at Deutsche Bank Securities, says we've plucked the lowest-hanging fruit when it comes to the growth outlook for the U.S. Finally, Marc Chandler, the head of currency strategy at Brown Brothers Harriman, says the market's expectation of a March rate hike doesn't change the odds of three rate increases this year.See omnystudio.com/listener for privacy information.

Marvin Goodfriend, an economics professor at Carnegie Mellon University, says that if the Federal Reserve were really committed to price stability, retirees would be in a much better situation today. Brian Wieser, an analyst at Pivotal Research, says Snap has created a successful product but the bigger question is whether Snap can increase revenue. David Kirkpatrick, CEO and founder of Techonomy Media, says Snap isn't like Twitter because it's got a real business. Finally, USB Securities' Julian Emanuel says enthusiasm isn't as high as it was in 1999 or 2000, suggesting valuations may still move higher.See omnystudio.com/listener for privacy information.

Alan Blinder, former vice-chairman of the board of governors of the Federal Reserve, expects three to four rate hikes this year. Prior to that, Bill Lee, Citigroup's head of North American economics, says sentiment data aren't good predictors of real data or the economy. Jim Millstein, former chief restructuring officer at the U.S. Treasury, says the confirmation process has become uncivil and we have to change it if we want to get qualified candidates into public service. Finally, Mike Mayo, a former CLSA banking analyst, discusses the future of sell-side research and banking regulation.See omnystudio.com/listener for privacy information.

Greg Valliere, Horizon Investments' chief global strategist, says Democrats are in the wilderness when it comes to responding to President Trump, whose change in tone will yield positive dividends. Prior to that, John Silvia, Wells Fargo's chief economist, says it will be a struggle to get 3- to 4-percent GDP growth on a sustained basis. Admiral James Stavridis, the dean of Tufts University's Fletcher School, says promises are pouring in from NATO but the U.S. hasn't yet seen money from NATO allies. Finally, Steve Rattner, chairman of Willett Advisors, says that replacing Obamacare will result in a smaller health-care system that costs the government less.See omnystudio.com/listener for privacy information.

Ed Hyman, chairman of Evercore ISI, says the U.S. economy will expand by 2.5 percent this year and we'll know the economy is at full employment once wages start to rise. Libby Cantrill, PIMCO's head of public policy, says tax policy is the No. 1 question from clients. Martin Hegarty, the head of BlackRock's inflation-linked bond portfolios, says core inflation is on a path to 2.7 percent at the end of 2018. Finally, Max Baucus, the former U.S. Ambassador to China and former senator from Montana, says we have to work together to make sure the tax code is efficient and that people get adequate healthcare.See omnystudio.com/listener for privacy information.

David Herro, Harris Associates' deputy chairman and CIO, says valuations aren't overpriced. Prior to that, Jonathan Golub, RBC Capital Markets' chief U.S. market strategist, says inflation expectations are rising and there's no sign of a looming recession. Dr. Steve Corwin, president and CEO of NewYork-Presbyterian Hospital, discusses the debate over Obamacare and says access to care isn't insurance. Finally, Thomas Wright, the director of the Project on International Order and Strategy at the Brookings Institute, says President Trump is looking to see what he can tear up.See omnystudio.com/listener for privacy information.

Terry McAuliffe, Virginia's Democratic governor, says President Trump has made many mistakes in his first 30 days. Prior to that, Merrill Lynch's Joe Quinlan says politicians have to pay attention to the angry populist movement. Finally, George Friedman, founder and chairman of Geopolitical Futures, says Trump is playing cleanup on immigration enforcement from Presidents Obama, Bush and Clinton.See omnystudio.com/listener for privacy information.

Michael Mayo, a banking analyst at CLSA, says banks will close 10,000 branches in the next several years as customers accept mobile banking. Prior to that, Ed Morse, Citigroup's global head of commodities research, says OPEC needs to prolong cuts because of the oil glut. Finally, John Herrmann, a rate strategist at Mitsubishi UFJ, says the market is pricing in too low of a chance that there will be a Fed rate hike in March.See omnystudio.com/listener for privacy information.

Stephen Roach, a professor at Yale University, says U.S. markets are largely ignoring risks because it's human behavior to believe in the message of growth rather than the reality of political upheaval. Sam Zell, the chairman of Equity Group Investments, says immigration is core to what built the U.S. Also, BNP Paribas' Stewart Warther says U.S. equity markets are getting close to being fully priced. Finally, Vince Reinhart, the chief economist at Standish Mellon, says stronger growth will be coupled with tighter Fed monetary policy than previously thought.See omnystudio.com/listener for privacy information.

Nicholas Burns, a professor at Harvard University, says many Europeans are concerned that the U.S. is no longer leading the West. Prior to that, Chris Verrone, Strategas Research's head of technical analysis, says there's a lot of bearishness with respect to the pound and the euro. Craig Moffett, founder and senior analyst at MoffettNathanson, says Verizon and AT&T would benefit the most from consolidation. Finally, Dennis Ross, who conducted Arab-Israeli diplomacy for three U.S. presidents, says destroying ISIS is an ideological challenge, not just a military one.See omnystudio.com/listener for privacy information.

Former UK Prime Minister Tony Blair discusses Brexit and the importance of Theresa May's relationship with Donald Trump. Howard Ward, Gabelli Funds' CIO of growth equities, says investors need to brace for more turbulence in the markets. Barry Eichengreen, an economics professor at Berkeley, says public support for the euro is declining. Finally, Admiral James Stavridis, former Supreme Allied Commander of NATO, says a new National Security Adviser would be well advised to bring in their own team.See omnystudio.com/listener for privacy information.

Stanley Fischer, vice-chairman of the U.S. Federal Reserve, says the Fed seems to be headed towards its expected rate hike path and wage growth has started. Jason Furman, a senior fellow at the Peterson Institute, says we aren't far from full employment. Douglas Holtz-Eakin, president of the American Action Forum, says 2018 is the earliest the Fed will address the balance sheet. Finally, Steve Rattner, chairman of Willett Advisors, says Donald Trump isn't even trying to find the most qualified experts.See omnystudio.com/listener for privacy information.

Bloomberg View's Eli Lake responds to Donald Trump's tweet about his column, "The Political Assassination of Michael Flynn." Prior to that, Bob Nardelli, CEO and chairman of Xlr-8, says despite distractions, Donald Trump and his administration will be "laser-focused" on his commitments and what got him into office. Citi Private Bank's Steve Wieting says corporate earnings will reach records this year. Finally, Daniel Tarullo, a member of the Board of Governors of the Federal Reserve, says the largest banks still need regulatory attention.See omnystudio.com/listener for privacy information.

Daniel Yergin, vice chairman of IHS, says Saudi Arabia is taking the lead when it comes to compliance with OPEC's oil production cuts. Gideon Rose, editor of Foreign Affairs magazine, discusses the resignation of National Security Adviser Michael Flynn and what's next for the National Security Council. Shahab Jalinoos, global head of FX strategy at Credit Suisse, says there's more downside risk for the euro as the French election nears. Robin Niblett, the director of Chatham House, says President Trump sees unpredictability as a way to project strength. Finally, Bob Haber, co-founder of Proficio Capital Partners, says investors need extreme diversification.See omnystudio.com/listener for privacy information.

John Allison, former president and CEO of the Cato Institute, says the Federal Reserve made mistakes in monetary policy that had severe consequences. Prior to that, Jim McCaughan, CEO of Principal Global Investors, says a weak banking system, particularly in Italy and Germany, will constrain European growth. Bob Sinche, Amherst Pierpont Securities' global strategist, says the pound will weaken to $1.20 later this year. Finally, Peter Feaver, a professor at Duke University, says the rollout of the ban on incoming refugees wasn't thought through and was ineffective.See omnystudio.com/listener for privacy information.

Goldman Sachs' Abby Joseph Cohen says the Federal Reserve's independence is crucial to its success and she's concerned by moves in Congress to second-guess the Fed's decisions. Greg Valliere, Horizon Investments' chief global strategist, says Donald Trump may modify the executive order on immigration. Finally, Noah Feldman, a professor at Harvard Law School and Bloomberg View columnist, says judges don't respond well to bullying and don't like people stepping on their toes.See omnystudio.com/listener for privacy information.

Michael Darda, MKM's chief economist, says he expects three Fed rate hikes this year and three to four percent sustainable real U.S. growth. Prior to that, Micah Zenko, a senior fellow at the Council on Foreign Relations, discusses U.S. relations with China and Russia. Dennis Gartman, editor of the Gartman Letter, says he prefers buying gold in Euro and Yen instead of U.S. dollars. Finally, Oliver Chen, a research analyst at Cowen & Co., says there is great long-term opportunity in Costco and Wal-Mart.See omnystudio.com/listener for privacy information.

Jeffrey Sachs, a professor at Columbia University's School of International and Public Affairs, says the U.S. must invest in the future for all Americans, instead of just the people at the top. Martin Sorrell, CEO of WPP, says the death of television has been exaggerated. Finally, Steve Case, Revolution LLC's chairman and CEO, says diplomacy should be face-to-face, not through 140-character tweets.See omnystudio.com/listener for privacy information.

Orville Schell, director of U.S. relations at the Asia Society, says the relations between China and the U.S. are out of balance and the U.S. must work with China. Prior to that, Jim Glassman, JPMorgan's head economist for commercial banking, says the labor market isn't up to full potential. Finally, Phil Verleger, president of PKVerleger, says oil may fall if the U.S. doesn't introduce a border tax.See omnystudio.com/listener for privacy information.

Joseph Nye, a professor at Harvard's Kennedy School of Government, says Donald Trump could make life difficult for judges, but isn't in a position to corrupt or undermine the independence of the judiciary. Komal Sri-Kumar, president of Sri-Kumar Global Strategies, says inflation isn't on the upswing and there isn't room for Fed rate hikes. Finally, Jim Paulsen, the chief investment strategist at Wells Capital Management, says the bull market in bonds has ended.See omnystudio.com/listener for privacy information.

Janus Capital Management's Bill Gross says he's skeptical that real GDP growth can rise to 3 to 4 percent. Prior to that, Alan Krueger, a professor at Princeton University, says NAFTA has been positive for the U.S. Bob Doll, Nuveen's chief equity strategist, says the more restrictions enacted, the less efficient the economy will be. Jim Grant, editor of Grant's Interest Rate Observer, says he expects the U.S. to revert back to the 1970s' weak dollar policy. Finally, PIMCO's Scott Mather says investors are underpricing central bank action.See omnystudio.com/listener for privacy information.

Former Richmond Fed President Al Broaddus says there are several pieces of legislation in Congress that would impinge on the Fed's independence. Prior to that, Brian Levitt, Oppenheimer Funds' senior investment strategist, says investors have fought kicking and screaming for the entire bull market. Craig Moffett, MoffettNathanson's senior research analyst, says the big three mobile carriers aren't a "triopoly." Finally, Jordan Rochester, a strategist at Nomura Forex, says he's short USD-JPY and sees a weaker dollar compared to the yen.See omnystudio.com/listener for privacy information.

Gene Munster, Loup Ventures' managing partner, says Apple's growth during the next five years will come from its services. Prior to that, RBS Chairman Howard Davies says a U.S.-China trade war would offset a fiscal boost. Barry Eichengreen, an economics professor at Berkeley, says trade policy will take precedent for Donald Trump because tax reform and infrastructure packages require cooperation with Congress. Finally, former U.S. Attorney General John Ashcroft says Attorney General nominee Jeff Sessions won't be polarizing because he believes in the rule of law.See omnystudio.com/listener for privacy information.

Daragh Maher, HSBC's U.S. head of FX strategy, says he sees the pound at $1.20 in the short term and $1.10 by year's end. Prior to that, Brian Belski, the chief investment strategist at BMO Capital Markets, says bet on big banks because of deregulation. Admiral James Stavridis, dean of the Fletcher School at Tufts University, says the U.S. should conduct serious vetting of refugees but not slam the door arbitrarily. Finally, David Bier, an immigration policy analyst at the Cato Institute, says it's illegal for the president to override the 1965 Immigration Act.See omnystudio.com/listener for privacy information.

George Mitchell, the former U.S. Senate majority leader, says opposition to Donald Trump's executive orders isn't only along political lines. Prior to that, Fawaz Gerges, a professor at the London School of Economics, says Trump's immigration ban is a propaganda boost for ISIS. Nicholas Burns, a professor at Harvard University's Kennedy School, says strong vetting is already in place and Trump's executive order was unnecessary. Edward Alden, a senior fellow at the Council of Foreign Relations, says illegal immigration is back down to levels from the 1960s and 1970s. Finally, Representative Robert Bishop, chairman of the House Energy and Resources Committee, says Secretary of Defense James Mattis has shown that he is willing to work with Congress.See omnystudio.com/listener for privacy information.

Adam Parker, Morgan Stanley's chief U.S. equity strategist, says corporate earnings may increase 18 percent this year and next. Micah Zenko, a strategist at the Council of Foreign Relations, says Russia's Putin wants to push boundaries with U.S. allies. Charles Dumas, TSL Research's chief economist, says reflation is global and not just in the U.S. James Glassman, JPMorgan's senior economist, says 2 percent growth isn't what we're used to in a typical recovery.See omnystudio.com/listener for privacy information.

Berkeley professor Brad DeLong says Donald Trump's big tax cuts will raise demand for U.S. dollars worldwide. Kevin Roberts, the former Saatchi & Saatchi chairman, says Trump capitalized on the people's anger at traditional Washington politics. Finally, Bob Sinche, Amherst Pierpont's global strategist, says China faces challenges and may let the currency soften more.See omnystudio.com/listener for privacy information.

Alan Blinder, a professor at Princeton and former Federal Reserve official, says the Fed isn't dysfunctional, despite the Republicans' success at making the government seem that way. Prior to that, James Sweeney, chief economist at Credit Suisse Securities USA LLC, says markets don't believe that protectionism is coming. Brian Jacobsen, Wells Fargo's chief portfolio strategist, says fixed income and emerging markets represent the best investment opportunity. Finally, Alice Rivlin, the former director of the Office of Management and Budget, says we need to boost economic growth and have long-term debt on a stable path.See omnystudio.com/listener for privacy information.

Sallie Krawcheck, CEO of Ellevest, says we are 100 to 180 years away from gender pay parity, or longer if you're a woman of color. Kevin Logan, HSBC's chief U.S. economist, says the pound is a barometer for Brexit. Brennan Hawken, an analyst at UBS, says Goldman Sachs is most likely to benefit from regulatory adjustments. Finally, Michael Gapen, Barclays' chief U.S. economist, says the Fed is no longer the only game in town.See omnystudio.com/listener for privacy information.

Austan Goolsbee, former chairman of the White House Council of Economic Advisers, says the TPP was a renegotiation of NAFTA and that trade wars would be a "disaster." Prior to that, Dean Curnett, CEO of Macro Risk Advisors, says volatility due to politics has been increasing and it's challenging to know how and when some of these risks will make their way into markets. Former HHS Secretary Mike Leavitt says President Trump and the GOP will focus on Medicaid. Finally, David Herro, CIO of Harris Associates, says non-U.S. stocks are more attractive than U.S. in valuation.See omnystudio.com/listener for privacy information.

From the World Economic Forum in Davos, Angus Deaton, a professor at Princeton and a Nobel Laureate, says African American and Hispanic mortality rates are falling like a "stone." Prior to that, Laura Tyson, a professor at Berkeley, says something big will be done in corporate tax cuts under Donald Trump. Toby Cosgrove, CEO of Cleveland Clinic, says the Veterans Affairs has many issues. Then, Martin Sorrell, CEO of WPP, says there may be a Keynesian-type boom under Trump. Finally, Carlos Gutierrez, former U.S. secretary of commerce, says it's important for Trump to be humble as he begins his presidency.See omnystudio.com/listener for privacy information.

Ray Dalio, Bridgewater Associates' founder, says populism is a global phenomenon. Harvard Professor Michael Porter says he rejects the idea that America wants angry populism. Admiral James Stavridis says NATO won't collapse under Donald Trump. Christopher Eisgruber, president of Princeton University, says 80 percent of Princeton students are graduating with zero debt. Nicholas Stern, former UK government climate change czar, says the world can cut emissions 20 percent and double GDP in 20 years. Finally, Carmen Reinhart, a professor at Harvard University, says China is fighting depreciation and capital flight is not entirely in their control.See omnystudio.com/listener for privacy information.

Nouriel Roubini, a professor at NYU's Stern School of Business, discusses Donald Trump and says France's Le Pen would be the end of Europe. Prior to that, Joseph Stiglitz, a professor at Columbia University's School of International and Public Affairs, says the rule of law is an issue under Trump's presidency. Harvard's Kenneth Rogoff says he's concerned about the new administration's relationship with the Fed. Then, Robert Shiller, a Nobel economist and Yale professor, says Trump brings uncertainty and inspiration at the same time. David Lipton, the IMF's first deputy managing director, says interconnectedness has helped people achieve higher living standards. Finally, John Studzinski, vice-chair of the Blackstone Group, says Davos is the 1 percent of the 1 percent talking to themselves with no one represented from the other 99 percent -- and having more youth in the room in Davos would make a big difference.See omnystudio.com/listener for privacy information.

JPM International Chairman Jacob Frenkel said we are close to being out of the financial crisis. Richard Edelman, Edelman President & CEO, said trust has imploded in institutions and media has become part of the elite. David Rubenstein, Carlyle Group Co-Founder, said there is a lot of angst in the global middle class. Qualcomm Chairman Paul Jacobs said 5G will be driven by the end markets and will move beyond just phones and into drones and robots. Skybridge Co-Managing Partner Anthony Scaramucci said President-Elect Trump wants to equalize and create symmetry in trading relationships.See omnystudio.com/listener for privacy information.

Ken Leon, Center for Financial Research and Analysis' head of equity research for banks, says millennials are more comfortable with online banking and that will hurt consumer banking headcount. Prior to that, UBS' Geoffrey Yu says he sees a stronger post-Brexit pound. Meghnad Desai, Official Monetary and Financial Institutions Forum chairman, says Donald Trump arrived with the economy in good shape, but with plenty of reserve power to grow. Finally, Bob Sinche, a global strategist at Amherst Pierpont, says markets are reacting to stronger global momentum and responding to reality instead of expectations about what comes next.See omnystudio.com/listener for privacy information.

Mike Mayo, an analyst at CLSA Ltd., says the stocks will surge as he expects at least 4 percent revenue growth for U.S. banks during the next four years. Prior to that, Stephen King, HSBC's senior economic adviser, discusses the effect Donald Trump will have on the World Economic Forum. Jonathan Loynes, an economist at Capital Economics, says he has factored in a boost to U.S. economy's GDP growth this year due to fiscal stimulus from tax cuts. Finally, Ed Hyman, chairman at Evercore ISI, says if the economy picks up, productivity will pick up as well.See omnystudio.com/listener for privacy information.

Dennis Gartman, editor of the Gartman Letter, says central bank powers are being diminished by the modern world. Prior to that, Rob Carnell, ING's chief international economist, says he expects tougher trade policy from Trump than previously thought. Franziska Ohnsorge, the World Bank's lead economist, says investment growth in emerging markets dropped to 3.4 percent in 2015 from 10 percent in 2010.See omnystudio.com/listener for privacy information.

Marvin Barth, Barclays' head of FX strategy, says currency intervention just doesn't work. Paul Mortimer-Lee, BNP Paribas' chief economist, says higher bond yields reflect good news. Charles Dumas, TSL Research's chief economist, says the Chinese currency won't slide much more. Finally, Brian Wieser, an analyst at Pivotal Research, says the future of Yahoo depends on tax structure.See omnystudio.com/listener for privacy information.

Algebris Investments' Alberto Gallo says the FX market may panic again once Britain triggers Article 50. Prior to that, Baroness Helena Kennedy, a Labour Party member of the House of Lords, says British Prime Minister Theresa May will have to try to compromise when it comes to Brexit. Edward Glaeser, an economics professor at Harvard University, says when we start thinking that infrastructure is a solution to all of our problems, we get bridges to nowhere. Finally, Roger Bootle, founder of Capital Economics, says he'd be surprised if U.K. confidence falls back in 2017.See omnystudio.com/listener for privacy information.

Janus Capital's Bill Gross says Donald Trump's targeting of companies reminds him of policies associated with Benito Mussolini. Prior to that, Boston Mayor Marty Walsh discusses GE's move to Boston and the city's innovation culture. Then, Alicia Munnell, the director of retirement research at Boston College, discusses the state of retirement today. Finally, Jim Glassman, JPMorgan's senior economist, says hope of tax reform is bringing back enthusiasm in equity markets.See omnystudio.com/listener for privacy information.

PIMCO's Mark Kiesel says the main risk to the U.S. is a pickup in inflation. Prior to that, Jason Trennert, Strategas Research Partners' chairman, says the Fed is content to let inflation run a little hot. Stewart Warther, BNP Paribas' derivatives strategist, says there is less informational advantage in recent years. John Kernan, a consumer research analyst at Cowen & Co., says things are going to get ugly in retail. Finally, Drew Matus, UBS' deputy chief U.S. economist, says he is anticipating an unchanged unemployment rate on jobs day.See omnystudio.com/listener for privacy information.

Eurasia Group President Ian Bremmer and Former Treasury Secretary Lawrence Summers join Tom Keene and David Gura on Bloomberg Surveillance to discuss populist policy cycles, the new truculent nationalism, and the future of American leadership.See omnystudio.com/listener for privacy information.

Michael Feroli, JPMorgan's chief U.S. economist, says trade wars remain the biggest downside risk in the next year or two. Prior to that, Tony Dwyer, Canaccord Genuity's chief market strategist, says the post-Donald Trump rally has brought too much optimism to the market. Then, Evan Medeiros, Eurasia's managing director for Asia, says Asian policymakers and business leaders wonder if Trump will be as committed and involved in Asia as President Obama. Finally, Dartmouth's Danny Blanchflower says the U.S. is \u0010nine million jobs away from full employment.See omnystudio.com/listener for privacy information.