Bloomberg Surveillance

Raghuram Rajan, University of Chicago Booth School Professor and Former Reserve Bank of India Governor, warns of massive distress in the corporate sector. Julian Emanuel, BTIG Chief Equity & Derivatives Strategist, says the current stimulus discussions are being priced in as a down payment on a larger package for when President-elect Biden takes office. Dr. Tom McGinn, CommonSpirit Health Executive Vice President of Physician Enterprise, says hospital staffing has become the greatest challenge when assisting patients affected by Covid-19. Peter Hooper, Deutsche Bank Global Head of Economic Research, sees near-term weakness in the labor market and consumer spending.

Christopher Harvey, Wells Fargo Securities Head of Equity Strategy, says 2021 will bring overall pedestrian returns and it's essential to look into small-caps and financials. Tom Porcelli, RBC Capital Markets Chief U.S. Economist, says there could be a Fed rate hike as early as 2022. Kathy Hochul, New York Lieutenant Governor, discusses the desperate need for stimulus for small businesses, the lack of state aid in the coronavirus relief bill, and trying to avoid another lockdown. Stephen Stanley, Amherst Pierpont Chief Economist, sees the economy getting back to close to normal in the second half of 2021.

Greg Boutle, BNP Paribas U.S. Head of Equity & Derivative Strategy, says there could be a new volatility regime in 2021. Jeremy Stretch, CIBC Head of G-10 FX Strategy, discusses U.S. Treasury report designating Switzerland and Vietnam as currency manipulators. Michelle Meyer, BofA Securities Head of U.S. Economics, says don't overlook the near-term challenges for the economy. Dr. Katherine Baumgarten, Oschner Health Medical Director of Infection Control and Prevention, says there are many critical steps involved with the distribution of Covid-19 vaccines and cold storage is a challenge.

Dr. Katie Passaretti, Atrium Health Director of Infection Prevention, discusses being among the first people to receive a Covid-19 vaccine. Robert Califf, Former FDA Commissioner, gives the FDA an A+ for its handling of Covid-19 vaccines. Michael Gapen, Barclays Chief U.S. Economist, sees a bumpy road ahead but vaccine progress gives hope. Peter Orszag, Bloomberg Opinion Columnist and Lazard CEO of Financial Advisory, says more economic pain is coming unless the government acts quickly.

Peter Tchir, Academy Securities Head of Macro Strategy, sees a big rotation ahead. Brian Weinstein, Morgan Stanley Head of Global Fixed Income, discusses what to expect from this week's Fed meeting. Dr. Joseph Cacchione, Ascension Chief Medical Officer, discusses the logistical challenges behind the Covid-19 vaccine rollout. Lara Rhame, FS Investments Chief U.S. Economist, warns of a double-dip recession.

Frances Donald, Manulife Investment Management Global Chief Economist & Head of Macroeconomic Strategy, says we should be more afraid of stagflation than we should be about low rates. Michael Holland, Holland and Company Chairman, says he can't justify buying a great deal of fixed income right now. Leslie McClure, Drexel University Dornsife School of Public Health Department of Epidemiology and Biostatistics Chair, says we have to continue to be cautious even after we vaccinate a large portion of the population. Ed Mills, Raymond James Washington Policy Analyst, discusses how politics continue to get in the way of a stimulus deal in Washington. Alex Webb, Bloomberg Opinion Tech Columnist, discusses Bob Dylan's decision to sell his songwriting catalog.

Kallum Pickering, Berenberg Senior Economist, says the ECB is much more focused on inflation expectations than long-term rates. Lawrence Gostin, Georgetown University Professor of Medicine, says we may be at the beginning of the end of this pandemic. Jane Foley, Rabobank Head of FX Strategy, real interest rates are going to be more attractive for the Euro than for the dollar for the foreseeable future. Doug Holtz-Eakin, American Action Forum President & Former Director of the Congressional Budget Office, says the first step in getting to a better economy is taking on the health crisis.

Jim Caron, Morgan Stanley Portfolio Manager, thinks that calls for inflation and significantly higher yields are very premature. Kathleen Smith, Renaissance Capital Co-Founder & Partner, says 2020 will be a year in the record books for IPOs. Doug Kass, Seabreeze Partners President, says it has been a horrible environment for shorting stocks. David Rubenstein, Carlyle Group Co-Founder and Peer-to-Peer Host, discusses his interview with World Economic Forum Founder Klaus Schwab.

Peter Oppenheimer, Goldman Sachs Chief Global Equity Strategist, says he sees a strong U.S. rebound ahead. Boston Mayor Marty Walsh says the lack of guidance and financial support during the pandemic has been a failure of federal government. Leslie Vinjamuri, Chatham House Head of the U.S. Americas Programme, says there is no honeymoon period for the Biden team. Michael Cloherty, UBS Head of U.S. Rates Strategy, still sees upward pressure on yields next year.

London Mayor Sadiq Khan discusses the potential for coronavirus lockdowns paired with a no-deal Brexit. Steve Chiavarone, Federated Hermes Portfolio Manager, says the coming vaccine represents an enormous stimulus for the economy. Mercedes Carnethon, Northwestern University Department of Preventative Medicine Vice Chair, says it would be ideal to see essential workers in next round of vaccines. Tina Fordham, Avonhurst Advisory Services Head of Global Political Strategy, worries that markets are getting ahead of politics on stimulus. Daniel Ahn, BNP Paribas Chief U.S. Economist & Head of Macro Strategy, says demand may never return in certain sectors.

Lawrence Kudlow, U.S. National Economic Council Director, says he sees specific targeted areas concerning small businesses, unemployment, and Covid-related schooling matters as priorities in stimulus talks. Priya Misra, TD Securities Global Head of Rates Strategy, says rates have priced in too much good news. Ellen Zentner, Morgan Stanley Chief U.S. Economist, says it will be a difficult winter for the U.S. economy. Henrietta Treyz, Veda Partners Director of Economic Policy, says she is optimistic about a stimulus bill.

Tony Dwyer, Canaccord Genuity Chief Market Strategist, says historic excess liquidity is what is driving markets higher. Kathy Jones, Schwab Center for Financial Research Chief Fixed Income Strategist, says credit spreads are about as tight as they can go right now. Kit Juckes, Societe Generale Chief FX Strategist, discusses what's next for central banks. Jacob Lew, Former U.S. Treasury Secretary, sees a long, hard winter ahead without additional fiscal support.

Kathy Hochul, New York Lieutenant Governor, says her greatest fear with the rising virus case count is overwhelming the hospital system. David Kostin, Goldman Sachs Chief U.S. Equity Strategist, says the economy is getting better and markets will continue to recognize that through 2021. Julie Norman, University College London Professor, says President-elect Joe Biden is assembling a pragmatic team. Michael Feroli, JPMorgan Chief U.S. Economist, sees reasons for gloom in the short-term, but room for optimism as 2021 unfolds.

Laurence Boone, OECD Chief Economist, says virus vaccines offer hope for a brighter outlook. Troy Gayeski, Skybridge Capital Co-CIO, says equity gains may be much harder to come by following November's record rally. Ethan Harris, BofA Securities Head of Global Economic Research, expects a stimulus package to be the only serious piece of legislation to be passed in the next two years. Dr. Jodie Guest, Emory University Rollins School of Public Health Department of Epidemiology Vice Chair & Research Professor, says there is light at the end of the tunnel for the end of the pandemic, but we are not there yet.

Michael Shaoul, Marketfield Asset Management CEO and Portfolio Manager, says the durable goods economy is firing on all cylinders. Elizabeth Suzuki, BofA Securities Senior Hardlines Retail Analyst, says this retail holiday season will be largely dominated by the home categories. John Ryding, Brean Capital Chief Economic Advisor, sees a difficult few months ahead for the U.S. economy. Dr. Howard Forman, Yale University Professor of Public Health, Management, and Economics, says he's optimistic about the timeline of a Covid-19 vaccine rollout.

Peter Dixon, Commerzbank Global Equities Economist, sees markets in a holding pattern as investors await new catalysts. Camilla Yanushevsky, CFRA Equity Research Analyst, looks at some potential winners and losers in an unprecedented holiday shopping season. Drew Matus, MetLife Investment Management Chief Market Strategist, examines the risk of inflation. Steve Sadove, Former Saks CEO and Mastercard Senior Advisor, discusses the rapid change in shopping habits in the Covid-19 era.

The coronavirus pandemic, and ensuing recession, has had an outsized impact on Generation Z. Young people have had their education disrupted, career plans upended and financial prospects diminished. Lisa Abramowicz brings us more in this Bloomberg Surveillance special report.

Mike Wilson, Morgan Stanley Chief U.S. Equity Strategist, sees a raging bull market below the surface. Tobias Adrian, IMF Director for Monetary and Capital Markets Department, says excessive risk-taking is a worry in the near term. Catherine Mann, Citi Global Chief Economist, says the U.S. economy may return to the pre-Covid level of GDP in second-quarter of 2021. Brian Kelly, The Points Guy CEO, discusses the future of travel in the Covid-19 era.

Jonathan Golub, Credit Suisse Chief U.S. Equity Strategist, expects next year to be another tech and growth year. Kathy Hochul, New York Lieutenant Governor, warns it will be a crisis situation if coronavirus numbers continue on their current path. Frederic Mishkin, Former Federal Reserve Governor and Columbia University Professor, says Janet Yellen is highly qualified to handle policy as the next U.S. Treasury Secretary amid the Covid-19 pandemic. Cass Sunstein, Harvard Law Professor, Author of "Too Much Information" and Bloomberg Opinion Columnist, makes sense of the political noise.

Carmen Reinhart, World Bank Chief Economist and Vincent Reinhart, Mellon Chief Economist look at how the coronavirus pandemic is affecting the global economy and financial markets. Alan Ruskin, Deutsche Bank Chief International Strategist, discusses why he expects dollar-renminbi to take over as a dominant currency pair. Dr. Deborah Fuller, University of Washington School of Medicine Microbiology Professor, says at least 50-60% of the population will need to be vaccinated in order to stop this pandemic. David Rosenberg, Rosenberg Research Chief Economist & Strategist, sees a release of pent-up demand once a vaccine is broadly distributed.