Bloomberg Surveillance

Christian Bolu, Autonomous Research Senior Analyst, discusses key growth drivers shaping the banking industry. Brent Schutte, Northwestern Mutual Wealth Management Chief Investment Strategist, says investors should focus on real returns. Leland Miller, China Beige Book CEO, dissects China's GDP data. Dr. Grace Lee, Stanford University School of Medicine Professor of Pediatrics, discusses Covid-19 vaccine safety, efficacy and trials for children.

Ken Leon, CFRA Global Director of Equity Research, says there has been an acceleration in Main Street banking. Daniel Morris, BNP Paribas Asset Management Chief Market Strategist, discusses what could trigger a market pullback this year. Alison Williams, Bloomberg Intelligence Senior Banks Analyst, says higher spending is one key story developing in the banking sector. Barry Ritholtz, Bloomberg Opinion Columnist & Ritholtz Wealth Management Founder, examines the risk and reward of new asset classes such as SPACs.

Sam Stovall, CFRA Chief Investment Strategist, discusses investor optimism as attention turns to earnings season. Greg Valliere, AGF Investments Chief U.S. Policy Strategist, says Joe Biden will probably go big and prevail with his initial stimulus bill. Frances Donald, Manulife Investment Management Global Chief Economist & Global Head of Macroeconomic Strategy, says this week's jobless claims data is a tipping point. Jeff Currie, Goldman Sachs Global Head of Commodities Research, says commodities are showing signs of a structural bull market.

Bob Doll, Nuveen Chief Equity Strategist & Senior Portfolio Manager, says U.S. economic growth and corporate earnings will be off the charts this year. Lester Munson, BGR Group Principal, sees younger, more dynamic Republicans emerging in the post-Trump era. Michelle Meyer, BofA Securities Head of U.S. Economics, discusses President-elect Joe Biden’s stimulus plans and the inflation debate. Dan Ives, Wedbush Securities Analyst, says Apple is seeing a renaissance of growth.

Tom Wheeler, Brookings Institution Visiting Fellow & Former FCC Chairman, says technology companies are making their own rules because lawmakers have not. Steven Wieting, Citi Private Bank Chief Investment Strategist & Chief Economist, says the pandemic was an external exogenous shock for the U.S. and a lot of the economy can be fully restored. Julie Norman, University College London Political Science Professor, says President-elect Joe Biden faces an uphill battle on some priorities. Glenn Hubbard, Columbia Professor of Economics & Former Council of Economic Advisers Chairman, discusses the challenges facing Biden’s economic team.

Henrietta Treyz, Veda Partners Director of Economic Research, says to expect impeachment discussions of President Trump after his term concludes and well into 2021. Brian Weinstein, Morgan Stanley Head of Global Fixed Income, sees the best value in emerging markets and high yield. Ben Laidler, Tower Hudson CEO, says we are looking at historic growth this year despite low expectations for GDP. Dr. Katie Passaretti, Atrium Health Director of Infection Prevention, says confidence in coronavirus vaccines has increased as more people have gotten vaccinated.

Jeff Rosenberg, BlackRock Portfolio Manager of the Systematic Multi-Strategy Fund, says the weak jobs report reiterates the need for more fiscal policy. Rep. French Hill, (R) Arkansas, all the leaders in Washington on both sides of the aisle now need to focus on the peaceful transfer of power on January 20. Mujtaba Rahman, Eurasia Group Managing Director for Europe, says Europe's medium-term stability depends more on what happens with the French election than the German one. Tiffany Wilding, PIMCO Chief U.S. Economist, is optimistic about a re-acceleration of the economy in the back half of the year.

Andrew Card, Former White House Chief of Staff for President George W. Bush, says America's democracy was reaffirmed yesterday by the leadership presented from congress after the dust settled on Capitol Hill. James Stavridis, Bloomberg Opinion Columnist, Carlyle Group Advisor & Former Supreme Allied Commander at NATO, was a massive failure of security on multiple levels. Kathy Hochul, New York Lieutenant Governor, says a Schumer-led Senate will help provide what it takes for New York to come back from the pandemic. Jonathan Golub, Credit Suisse Chief U.S. Equity Strategist, expects health care and financials to perform well in this environment.

David Malpass, WorldBank President, says the poor are feeling the brunt of the global recession. Mark Cabana, Bank of America Global Research Head of U.S. Rates Strategy, says we should see the price of bonds go down. Jon Lieber, Eurasia Group Managing Director, United States, says the Biden administration can use President Donald Trump's executive order against China as leverage when negotiating trade. Dr. Jodie Guest, Emory University Rollins School of Public Health Department of Epidemiology Vice Chair & Research Professor, says it is vitally important to have one consistent message from health leaders on Covid-19 vaccinations.

David Solomon, Goldman Sachs Chairman & CEO, says small businesses are a vital part of the economy and they need more government help. James Athey, Aberdeen Standard Investments Senior Investment Manager, says diversification is difficult in the current market environment. Dr. Peter Hotez, Baylor College of Medicine National School of Tropical Medicine Dean, says he is profoundly disappointed in the lack of strategy for rolling out vaccines in the United States. Tina Fordham, Avonhurst Head of Global Political Strategy, says 40% of Republicans believe that Biden was not legally elected. Michael Hirson, Eurasia Group Practice Head for China and Northeast Asia, says the Biden administration's foreign policy strategy will be to work with allies on a united front against China.

Joseph Kennedy former Democratic Representative from Massachusetts, says President Trump will remain the largest GOP voice until the next Republican president. Daniel Yergin, IHS Markit Vice Chairman, says peak oil is a decade away. David Nabarro, WHO Director, says Covid vaccines will not be enough on their own. Sigmar Gabriel, Former German Foreign Affairs Minister, says the main challenge facing Europe is a lack of leadership. Ian Bremmer, Eurasia Group President, says Hong Kong banks aren't going anywhere.

Francisco Blanch, BofA Head of Global Commodities & Derivatives Research, says the flurry of liquidity is driving the divergence in asset values. Lara Rhame, FS Investments Chief U.S. Economist, explains why 2021 will be a balancing act of long-run optimism with near-term challenges. Deborah Fuller, University of Washington School of Medicine Microbiology Professor, discusses the long-term effects of Covid-19. Karen Pierce, U.K. Ambassador to the U.S., says a trade deal with the U.S. can be done in 2021.

Steen Jakobsen, Saxo Bank CIO, says inflation is absolutely coming back in 2021. Gerald Storch, Storch Advisors CE0 and Former Hudson's Bay CEO, says much of the shift to e-commerce accelerated by the global pandemic will stick. Jim Paulsen, The Leuthold Group Chief Investment Strategist, discusses the rotation into value stocks. Mercedes Carnethon, Northwestern University Professor and Department of Preventive Medicine Vice Chair, says she's hopeful the pace of vaccinations will pick up.

Scott Wren, Wells Fargo Investment Institute Senior Global Equity Strategist, says consumer spending needs to be strong in order to keep the recovery going. Matthew Hornbach, Morgan Stanley Global Head of Macro Strategy, expects things to be more difficult for markets in the second half of 2021. James Bevan, CCLA Chief Investment Officer, says the pound still has serious challenges ahead. Mark Kaufman, Ford Motor Global Electrification Director, discusses the global race for leadership in the electric-vehicle market.

Kit Juckes, Societe Generale Chief FX Strategist, sees a V-shaped economic recovery. Kathy Jones, Schwab Center for Financial Research Chief Fixed Income Strategist, warns of a turbulent year ahead. Lindsey Piegza, Stifel Chief Economist, discusses the delicate balance facing policymakers in the Covid-19 era. Steve Sadove, Former Saks CEO and Mastercard Senior Advisor, says holiday retail sales show a healthy consumer environment.

Small businesses are credited with creating more than 60% of all U.S. jobs over the past decade. These companies came into the year with a head full of steam. Then came Covid-19, and the momentum just stopped. Since the start of the pandemic, we spoke to more than a hundred small business owners across the country. This is their story.

Josh Hardie, Confederation of British Industry Deputy Director-General, urges negotiators to reach a post-Brexit trade deal. Dr. Albert Ko, Yale School of Medicine Department Chair & Professor of Epidemiology and of Medicine, sees a difficult winter ahead. Geoffrey Yu, BNY Mellon Senior Strategist for EMEA Markets, discusses how animal spirits will affect the markets next year. John Ryding, Brean Capital Chief Economic Advisor, says 2021 will be a year of two halves.

Dr. Stephen Hahn, FDA Commissioner, says he's confident in the safety and efficacy of the Covid-19 vaccines. Patrick Foye, MTA Chairman & CEO, says latest relief package would prevent service cuts and layoffs in 2021. Diane Swonk, Grant Thornton Chief Economist, says the economy is losing momentum at a critical time. Julie Norman, University College London Political Science Professor, discusses the significance of Trump's surprise attack on Congress’s bipartisan relief bill.

Marc Lasry, Avenue Capital Group, Chairman, CEO & Co-Founder and Milwaukee Bucks Co-Owner, discusses the outlook for markets and the NBA season. Nathan Sheets, PGIM Fixed Income Chief Economist & Head of Global Macroeconomic Research, says inflation in the medium-term is going to stay as muted as it was pre-pandemic. Deborah Fuller, University of Washington School of Medicine Microbiology Professor, says the new variant of Covid-19 discovered in the U.K. appears to be overtaking the dominate strain. Liz Ann Sonders, Charles Schwab Chief Investment Strategist, says frothy sentiment remains a risk.

Daniel Alpert, Westwood Capital Managing Partner, examines the effects of fiscal stimulus on the labor market. George Bory, Wells Fargo Asset Management Head of Fixed Income Strategy, says don't give up on bonds just yet. Mercedes Carnethon, Northwestern University Professor & Department of Preventive Medicine Vice Chair, discusses the possible effects of Covid-19 mutations on current vaccines. Megan Greene, Harvard Kennedy School Senior Fellow, explains why the stimulus compromise doesn't resolve the debate over the Fed's emergency powers.