Bloomberg Surveillance

Chief Financial Officers now play a critical role in shaping corporate strategy and positioning organizations to meet future challenges. Bloomberg's new monthly program, Chief Future Officer, profiles these leaders and explores the impact they're making on their companies and industries. This episode focuses on Macy's CFO Adrian Mitchell. He sits down with Caroline Hyde to discuss how the retailer is accelerating its pivot to digital, repositioning its store portfolio, and allocating capital as it refines and advances its omnichannel strategy.

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Jeffrey Lacker, Former Richmond Fed President, expects inflation to be 4% or higher in 2022. Bob Michele, JPMorgan Asset Management CIO & Head of Global Fixed Income, Currency & Commodities, thinks the Fed is going to have to hike 25 basis points at every meeting. Marilyn Watson, BlackRock Head of Global Fundamental Fixed Income Strategy, says Fed quantitative tightening doesn't necessarily mean higher yields. Bruce Kasman, JPMorgan Chief Economist and Head of Global Economic Research, is expecting a pretty dramatic downward move in the U.S. economy in the first quarter.

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Chris Harvey, Wells Fargo Securities Head of Equity Strategy, says the recent rout in markets is a good opportunity to buy stocks. Glenn Hubbard, Columbia Professor of Economics, says Jerome Powell deserves a second term as Fed chair. Claudia Sahm, Jain Family Institute Senior Fellow, Former Federal Reserve Economist & Bloomberg Opinion Columnist, says we are not in a stagflationary environment. Winnie Cisar, Creditsights Global Head of Credit Strategy, says high-yield debt has become "much more attractive" after Monday's spike in market volatility. Alex Brideau, Eurasia Group, Eurasia Practice Head, says Ukraine's turn to the West is concerning for Putin.

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Thierry Wizman, Macquarie Capital Currency and Interest-Rate Strategist, says dollar weakness won't come at least until the second quarter. Philippe Etienne, the French ambassador to the U.S., says European nations and the U.S. are aligned in a strategy to deter Putin from taking any additional aggressive action. Victoria Fernandez, Crossmark Chief Market Strategist, says credit spreads are showing there is still support for equities. Neil Dutta, Renaissance Macro Research Head of U.S. Economic Research, says his optimism in the U.S. markets has not weakened.

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George Saravelos, Deutsche Bank Global Head of FX Research, says the U.S. inflation picture is very different from anything we've seen before. Sarah House, Wells Fargo Senior Economist, says the pace of Fed hiking will be a key theme at the next meeting. Nadia Lovell, UBS Senior U.S. Equity Strategist, says the recent equity market selloff "might be behind us" and that investors should take advantage of the pullback. Tina Fordham, Avonhurst Head of Global Political Strategy, says the conflict between Russia and Ukraaine is entering serious territory.

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Brian Deese, White House National Economic Council Director, says the Biden administration has a plan to deal with inflation. Peter Tchir, Academy Securities Macro Strategy Head, we may soon discover the economy isn't as good as we thought. Nela Richardson, ADP Chief Economist, says small businesses are holding their own in the pandemic recovery. Dan Tannebaum, Oliver Wyman Head of Americas Anti-Financial Crime, says nothing in Biden's press conference is likely to change Putin's behavior toward Ukraine. Craig Moffett, MoffettNathanson Senior Research Analyst, says the FAA is at fault for not promptly addressing 5G airline concerns, not the FCC.

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Matthew Luzzetti, Deutsche Bank Chief U.S. Economist, says the Fed needs to tighten to rein in demand. Andrew Sheets, Morgan Stanley Chief Cross Asset Strategist, explains why he expects the U.S. to under-perform this year. Leslie Falconio, UBS Financial Services Head of U.S. Fixed-Income Asset Allocation, says the Fed's tightening cycle will last longer than the market is expecting. David Rubenstein, Carlyle Group Co-Founder and Co-Chairamn and Host of "The David Rubenstein Show: Peer-to-Peer Conversations," discusses his interview with Ford Foundation President Darren Walker.

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Bill Winters, Standard Chartered CEO, says Hong Kong is still a gateway to China and that he doesn't expect that to change. David Malpass, World Bank President, expects U.S. rate hikes to be challenging for emerging market countries. Savita Subramanian, Bank of America Securities U.S. Equity & Quantitative Strategy Head, says investors are being too optimistic about margins. Kathy Jones, Charles Schwab Senior Vice President and Chief Fixed Income Strategist, says the Fed can't live up to the market's rate hike expectations.

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Alison Williams, Bloomberg Intelligence Senior Global Banks & Asset Managers Analyst on Bank Earnings, discusses the key takeaways from JPMorgan, Citi and Wells Fargo earnings. Scott Clemons, Brown Brothers Harriman Chief Investment Strategist, says to expect more market volatility in 2022. Dana Peterson, The Conference Board Chief Economist, expects economic activity to pick up again in the second quarter as we move past omicron. Ash Alankar, Janus Global Head of Asset Allocation & Risk Management, says the fed has a bad track record when it comes to striking the balance between tackling inflation and keep the markets on track. Andrew Pekosz, Johns Hopkins Bloomberg School of Public Health Professor & Virologist, says to expect more variants to come after omicron.

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Abby Joseph Cohen, Columbia University Professor & Former Goldman Sachs Senior Investment Strategist, says the Fed is doing a great job with its signaling. Lisa Shalett, Morgan Stanley Wealth Management CIO, still sees a 10%-15% correction ahead for mega cap tech names. Tony Crescenzi, PIMCO Market Strategist, Portfolio Manager and Member of the Firm's Investment Committee, says there's a battle brewing over rate hike expectations between the market and the Fed. Robert Hormats, Tiedemann Advisors Managing Director, explains why Russia is trying to prevent instability in Kazakhstan.

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