Bloomberg Surveillance

Stephen Gallo, BMO Capital Markets Head of FX Strategy, says these are dramatic times and the entire global order is shifting. Steve Tsang, University of London SOAS China Institute Director, says Carrie Lam's announcement to withdraw the controversial extradition bill means mainland China is taking a softer approach to Hong Kong. David Sowerby, Ancora Managing Director & Portfolio Manager, brings us an update on the Mid-Cap investing space. And Anne Stevenson-Yang, J Capital Research Directory & Co-Founder, says China is working "mightily" to avoid a crash in the Hong Kong market. 

Rob Carolan, Bloomberg Meteorologist, brings us an update on Hurricane Dorian. Lori Calvasina, RBC Capital Markets Head of U.S. Equity Strategy, says retail sentiment is quite bearish. Dan Ahn, Former U.S. Department of State Chief Economist, doesn't think that weakness appearing in both the U.S. & world economy is driven solely by trade tensions. Lindsey Piegza, Stifel Chief Economist, explores why global manufacturing has fallen into a slump and how it will impact global growth. And Krishna Memani, Invesco Vice Chairman of Investments, says valuations in EM are extraordinarily attractive. 

For an episode of Bloomberg's podcast Behind the Scenes, Bloomberg Surveillance’s Tom Keene sits down with GAMCO Investors CEO Mario Gabelli to discuss value investing, philanthropy and Warren Buffett. 

Lakshman Achuthan, Economic Cycle Research Co-Founder, thinks we would still be in a global slowdown without the U.S.-China trade war. Dan Fuss, Loomis Sayles Vice Chairman & Portfolio Manager, says the bid for dollar-based bonds is still very strong. Simon Usherwood, 'The UK in a Changing Europe' Deputy Director, says it's not clear what would happen if there is a general election in the U.K. Sarah House, Wells Fargo Securities Senior Economist, expects a consumption slowdown heading into the coming quarter. And Admiral James Stavridis, Former NATO Supreme Allied Commander Europe, offers advice: "you've got to lead from the inside out."

Andrew Hollenhorst, Citi Chief U.S. Economist, thinks that there is some recognition in the bond market that global growth may be slow for a long time. Mij Rahman, Eurasia Group Managing Director of Europe, says the economic cycle in Europe is not robust due to broader concerns about trade disputes. Jordan Rochester, Nomura FX Strategist, says the ECB has few options left for inflation. Peggy Collins, Bloomberg News Managing Editor U.S. Economy, says Treasury Secretary Mnuchin has left the question of currency up in the air. And Paul Romer, Nobel Laureate & NYU Stern School of Business Professor of Economics, thinks we've been slow to react to some of the negative effects of new technology. 

Mike Wilson, Morgan Stanley Chief U.S. Equity Strategist, says he is waiting for full acknowledgement of a U.S. recession. Adam Posen, PIIE President, discusses why Chairman Powell has to be wary of not predicting the outcomes of the U.S.-China trade war, but rather react to them. Tara Lachapelle, Bloomberg Opinion Columnist, says the Philip Morris-Altria reunion will benefit both companies. Alicia Levine, BNY Mellon Chief Strategist, says to expect a range-bound market while uncertainty over trade is at its peak. And Ferdinando Giugliano, Bloomberg Opinion Editor, discusses whether or not there's a place for politics in central bank decisions. 

Mohamed El-Erian, Bloomberg Opinion Columnist & Allianz Chief Economic Adviser describes how he thinks central banks are being held hostage by markets. Maddi Dessner, JPMorgan Asset Management Managing Director, says the U.S. consumer remains resilient in the wake of raising tariffs. Tony Dwyer, Canaccord Genuity Chief Market Strategist, says it's better to react to market conditions rather than try to anticipate the next move. Catherine Mann, Citi Global Chief Economist, says currency intervention does not have a lasting impact. And Mario Gabelli, GAMCO Investors CEO, weighs in on the TV streaming wars. 

Jens Nordvig, Exante Data Founder & CEO, analyzes dollar strength, in relation to the G-7 and U.S.-China trade talks. Margie Patel, Wells Fargo Asset Management Senior Portfolio Manager, says the Fed's new approach will allow the economy to grow. Ashwin Alankar, Janus Global Head of Asset Allocation & Risk Management, explains why monetary policy may not be able to do much to quell trade war uncertainty. John Hudak, Brookings Governance Studies Senior Fellow, questions whether there is a Democratic nominee who will work well with China on trade. 

Bloomberg's Michael McKee joins us with a series of interviews from the Jackson Hole Economic Policy Symposium. First, St. Louis Fed President James Bullard says U.S. farmers are in a down economy. Dallas Fed President Robert Kaplan says, "I'm open to adjusting rates but would prefer not to." Cleveland Fed President Loretta Mester is "confident" inflation is moving back toward the Fed's goal. And Philadelphia Fed President Patrick Harker thinks the Fed should stay its course and see "how things unfold."

Dana Peterson, Citi Global Economist, says in respect to the trade war between the U.S. and China, the damage to the global economy has already been done. Esther George, Kansas City Fed President, joins Bloomberg's Michael McKee at Jackson Hole and says she is not ready to provide more policy accommodation. Robert Hormats, Kissinger Vice Chair & former Goldman Sachs International Vice-Chair, says a resolution to Brexit would ease volatility. And Brian Wieser, GroupM President, discusses ad business in the streaming age.

Nick Bennenbroek, Wells Fargo Securities Head of Currency Strategy, predicts the U.S. dollar will remain stable or slightly stronger. Ralf Preusser, Bank of America Merrill Lynch International Global Head of Rates Strategy, says this is not a normal rate cut cycle for the Fed. Jane Foley, Rabobank Head of FX Strategy, questions whether or not there will be stimulus from Germany. And Brian Hook, Pompeo Senior Policy Adviser & U.S. Special Representative for Iran, says the White House's sanctions on Iranian oil have been successful. 

Greg Daco, Oxford Economics Chief U.S. Economist, says they're expecting the U.S. economy to slow this year. Ken Leon, CFRA Research Global Director of Research, says REITs, particularly healthcare REITs, are recession-resistant. Terry Haines, Pangea Policy Advisory Founder, says frustrations from trade talks stem from China not wanting to make an enforceable agreement. And Katherine Chiglinsky, Bloomberg Finance Reporter, says it's been surprising to investors over the years to see how connected GE still is to the insurance market.

Don Rissmiller, Strategas Research Chief Economist, looks ahead to Jackson Hole and says monetary policy "can't do it all." Claus Vistesen, Pantheon Macroeconomics Chief Euro-Zone Economist, predicts Germany will enter a technical recession. Lara Rhame, FS Investments Chief U.S. Economist, says she expects the U.S. economy to slow to uncomfortably low levels but not a recession. Rob Schiffman, Bloomberg Intelligence Analyst, doesn't see much risk to Apple's cash flow regardless of the tariff situation. 

Tony Crescenzi, PIMCO Market Strategist and Portfolio Manager, dismisses the idea of "pressing the panic button," given the economy's current outlook. Dana Peterson, Citi Global Economist, says the U.S. is participating in a global trade and manufacturing slump. Michael Darda, MKM Partners Chief Economist and Macro Strategist, says central banks need to get ahead of the yield curve. Kevin Carey, New America Education Policy Vice President, explains the complications of existing federal student loan programs.

Russ Koesterich, BlackRock's Global Allocation Team Portfolio Manager, says our economy is increasingly dependent on the consumer. Jeff Currie, Goldman Sachs Global Head of Commodities Research, says iron ore is the "canary in the coal mine." Sarah Halzack, Bloomberg Opinion Columnist, recaps Walmart earnings. John Herrmann, Mufg Securities Americas Director of U.S. Rate Strategy, says the U.S. job market is still resilient. And Julian Jackson, "De Gaulle" Author, discusses France's history and its reflection on present day politics. 

Priya Misra, TD Securities Global Head of Rates Strategy, says a recession is very likely within the next 12 months. Lori Calvasina, RBC Capital Markets Head of U.S. Equity Strategy, believes the core issue with the trade war is actually how it's affecting business confidence, capex and hiring. George Friedman, Geopolitical Futures Founder and Chairman, explains why Beijing is deeply worried about Hong Kong protests. Ira Jersey, Bloomberg Intelligence Chief U.S. Interest Rate Strategist, analyzes global yield curves. And Brian Kelly, The Points Guy Founder, says it's unstable times for tourism in Hong Kong. ------

Yvonne Mann, Bloomberg Markets Asia Anchor, reports Hong Kong protesters plan for another march on Sunday. Gideon Rose, Foreign Affairs Magazine Editor, predicts foreign business in China will decline. Brian Weinstein, Head of Global Fixed Income at Morgan Stanley Investment Management, says Fed easing may keep us alive but it can't spur the global economy. Willem Sels, HSBC Private Banking Chief Market Strategist, is not yet buying the dip because he sees room for further shake-ups in the market. And Marie Owens Thomsen, Credit Agricole Indosuez Wealth Management Chief Economist, says the European banking sector is "a bit under-loved" right now. 

Carl Weinberg, High Frequency Economics Chief Economist and Managing Director, saysthe longer we go, the greater the risk of a systemic failure caused by negative interest rates. Yvonne Man, Bloomberg TV Anchor, reports from Hong Kong that there are areas in the city that are still safe. Jeffrey Wright, Eurasia Group North America Analyst, says trade issues with China and the U.S. are longstanding. And Julia Coronado, Macropolicy Perspectives Founder & President, weighs in on the rate cut debate. 

Ben Carson, U.S. Housing & Urban Development Secretary, says opportunity zones will bring investment into areas that were previously economically-deprived. Ron Temple, Lazard Asset Management Co-Head of Multi-Asset & Head of U.S. Equity, says the Fed is tackling a mid-cycle adjustment. Gregory Valliere, AFG Investments Chief U.S. Policy Strategist, says there's uncertainty for farmers in the midst of U.S., China trade tensions. And Alicia Levine, BNY Mellon Strategist, says there are "likely more unpleasant headlines" for the markets in September. 

Steve Wieting, Citi Private Bank Chief Investment Strategist, doubts that the Fed has any insight of what's next on trade. David Kostin, Goldman Sachs Chief Equity Strategist, says the gap between bond and earnings yields is the highest we've seen in a long time. Sonia Meskin, Standard Chartered U.S. Economist, discusses the outlook for the U.S. economy. And Annie Massa, Bloomberg Asset Management Reporter, discusses her Bloomberg Businessweek story, "Asset Managers With $74 Trillion on Brink of Historic Shakeout."