Bloomberg Surveillance

Greg Peters, PGIM Head of Multi-Sector and Strategy, does not see yields higher after the Fed tapers. Dan Kurtz-Phelan, Foreign Affairs Editor & Council on Foreign Relations Peter G. Peterson Chair, discusses how Afghanistan has shaped U.S. foreign policy from 9/11 to now. Alan Ruskin, Deutsche Bank Chief International Strategist, says inflation is one of the most elevated macro risks out there. Saira Malik, Nuveen Global Equities CIO, says there could be a buying opportunity as the market adjusts to tapering.

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William Dudley, Former New York Fed President and Bloomberg Opinion Columnist, says he would "absolutely" support Jerome Powell for a second term as Fed Chair. Lori Calvasina, RBC Capital Markets Head of U.S. Equity Strategy, expects a decently-sized market pullback by the end of the year. Mike Darda, MKM Partners Chief Economist & Macro Strategist, says the U.S. labor market is undeterred by the delta variant's impact. Sabra Klein, Johns Hopkins Bloomberg School of Public Health Professor & Microbiologist, is most concerned about pregnant women and children with the delta variant.

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Vincent Reinhart, Mellon Chief Economist and Macro Strategist, says the delta variant is Jay Powell's taper "ace card." Dennis Gartman, Chairman of the University of Akron's Endowment Fund and Retired Editor of The Gartman Letter, says smart money has been leaving the market since July. Gabriela Santos, says she fundamentally disagrees with the thesis that China is uninvestable. George Friedman, Founder and Chairman of Geopolitical Futures, says all-in wars like Afghanistan always places the U.S. at a disadvantage.

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Admiral James Stavridis, Bloomberg Opinion Columnist, Former Supreme Allied Commander of NATO and Author of "2034: A Novel of the Next World War" does not believe the Taliban is going to change their stripes. George Goncalves, MUFG Securities Americas Head of U.S. Macro Strategy, says the Fed has overstayed their QE welcome. Neil Dutta, Renaissance Macro Research Head of U.S. Economic Research, says manufacturing production is going to be a tailwind for economic activity. Dr. Jennifer Nuzzo, Johns Hopkins Center for Health Security Senior Scholar, is not yet convinced that a third vaccine dose is necessary for most people.

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Jacob J. Lew, Former U.S. Treasury Secretary, says it's extremely dangerous not to support a debt limit. Nicolai Tangen, Norweigen Sovereign Wealth Fund CEO, says the size of the world’s biggest sovereign fund makes it difficult to dodge inflation. Lindsey Piegza, Stifel Chief Economist, says the U.S. Consumer is on relatively solid footing despite the decline in retail sales. Jim Bianco, Bianco Research President, says the best Federal Reserve officials to listen to are the ones that have recently left. David Rubenstein, The Carlyle Group Co-Founder and Host of The David Rubenstein Show, Peer-to-Peer Conversations, discusses his interview with Moderna Co-Founder and Chairman Noubar Afeyan.

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Michael Gapen, Barclays Chief U.S. Economist, the U.S. retail sales miss reflects more the comedown from stimulus payments than delta variant fears. David Stubbs, JPMorgan Chase Bank Global Head of Market Strategy, says we are in the midst of a productivity shock. Frances Donald, Manulife Investment Management Global Chief Economist & Head of Macroeconomic Strategy, says the manner of the Fed's taper is more important than the timing. Joe Feldman, Telsey Advisory Group Senior Research Analyst & Assistant Director of Research, expects the next decade to be pretty rosy for major retailers.

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Richard Haass, Council on Foreign Relations President & Author of "The World: A Brief Introduction," says the Taliban is worse now than in 2002. Chris Marangi, Gabelli Funds Co-CIO of Value, says says value is harder to find now than a year ago. Noelle Corum, Invesco Portfolio Manager, expects earnings growth to continue. Thomas Barfield, Boston University Professor of Anthropology and American Institute for Afghanistan Studies President, says the Taliban lack the capacity to govern. David Kotok, Cumberland Advisors CIO & Co-Founder, says uncertainty is a powerful forecasting tool.

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In this week's broadcast featuring Bloomberg Intelligence analysts and their research, Brian Egger lays out the perilous road in Las Vegas and Macau that MGM is traveling to recovery. Shaheen Contractor discusses BI's new carbon transition scores and targets for global miners, and offers her take on who can meet the Paris climate accord targets. Sue Munden discusses how prime space may help European REITs stave off major declines. Eshan Toorabally shows how building materials distributors are benefitting from the pickup in the U.K. housing market, and George Ferguson says the end of summer is bringing a reality check for U.S. and European airlines.

The BI Radio show podcasts through Apple’s iTunes, Spotify and Luminary. It broadcasts on Saturdays and Sundays at noon on Bloomberg’s flagship station WBBR (1130 AM) in New York, 106.1 FM/1330 AM in Boston, 99.1 FM in Washington, 960 AM in the San Francisco area, channel 119 on SiriusXM, www.bloombergradio.com, and iPhone and Android mobile apps.

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Jean Boivin, BlackRock Investment Institute Head, says we're seeing a complete disconnect between the macro outlook and the movement in yields. Dean Curnutt, Macro Risk Advisors Founder & CEO, says "inflation is transitory" is like the "sub-prime is contained" of 2021. Gilles Moec, AXA IM Chief Economist, says the Fed has tried to tone down the importance of Jackson Hole. Dana Telsey, Telsey Advisory Group CEO & Chief Research Officer, says the convenience that consumers have is greater than ever.

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Ben Laidler, eToro Global Markets Strategist, says the reopening trade hasn't even started yet. Michael Spence, General Atlantic Senior Advisor & Nobel Laureate, says we need a real plan for vaccine rollout. Ed Yardeni, Yardeni Research Founder & Chief Investment Strategist, says there is tremendous liquidity sitting out there. Michael Nathanson & Craig Moffett, MoffettNathanson Founding Partners and Senior Research Analysts, discuss the post-TV world.

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