Bloomberg Surveillance

Matt Luzzetti, Deutsche Bank Chief US Economist, expects the Fed to skip next week, with a potential for more hikes to come. As money flows concentrate into mega cap companies, Kristen Bitterly, Citi Global Wealth Management Head of North America Investments, says this shows that the market is "rational." Edward Yardeni, Yardeni Research President, sees inflation reaching 3 to 4% by year end. Geoffrey Yu, BNY Mellon Senior Market Strategist, doesn't expect rate cuts from any major central banks until the second half of next year. Rep. John Garamendi, (D) California, discusses the PGA Tour-Liv merger. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Despite cutting exposure to tech last year, Seema Shah, Principal Asset Management Chief Global Strategist, remains a long-term believer in the sector. Marilyn Watson, BlackRock Head of Global Fundamental Fixed Income Strategy, sees the Fed staying higher for longer. Wendy Schiller, Taubman Center for American Politics & Policy Director at Brown University, discusses Pence, Christie entering the '24 presidential race. Alberto Gallo, Andromeda Capital Management Co-Founder & CIO, says if we have a persistently hawkish central bank, and if the long end goes up, then the consequences for markets are pretty heavy. Clare Lombardelli, OECD Chief Economist, says the world faces slow growth, not recession. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Emmanuel Roman, PIMCO CEO, says banks are going to be tight for capital. Julian Emanuel, Evercore ISI Chief Equity, Derivatives & Quant Strategist, says we're in a momentum market, raising his S&P target to 4,450. Andrew Sheets, Morgan Stanley Chief Cross Asset Strategist, says we haven't seen the full effect of rates. Dan Ives, Wedbush Sr. Equity Research Analyst, discusses Apple announcing its Vision Pro headset. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Anthony Capuano, Marriott International President & CEO, doesn't see the end of "YOLO" traveling happening anytime soon. Michael Gapen, BofA Securities US Economist, says good news is back to being bad news. Ellen Wald, Atlantic Council Sr. Fellow, discusses Saudi Arabia pledging to cut a million barrels a day in July. Ed Mills, Raymond James Washington Policy Analyst, says the 2024 elections will be a wildcard for markets. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Randall Kroszner, University of Chicago Booth School Economics Professor & Fmr. Fed Governor, says unless the US gets an immaculate disinflation, he doesn't see the Fed cutting "anytime soon." Jeff Rosenberg, BlackRock Systematic Multi-Strategy Fund Portfolio Manager, says we are not really seeing a slowing in the labor market. Tiffany Wilding, PIMCO Chief North American Economist, discusses the May jobs report. Nadia Lovell, UBS Global Wealth Management Senior US Equity Strategist, says we're seeing a rolling recession in different sectors. Dan Clifton, Strategas Research Partner Partner and Head of Policy Research, discusses the US debt-limit deal clearing Congress. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Bill Dudley, Bloomberg Opinion Columnist, Bloomberg Economics Senior Advisor & Former NY Fed President, says the Fed's usage of a "skip" versus a "pause" is to temper market expectations that they are "finished." Heidi Crebo-Rediker, Former US State Department Chief Economist, CFR Senior Fellow & International Capital Strategies Partner, discusses China's weak data. Alan Ruskin, Deutsche Bank Chief International Strategist, says a mild recession would be a soft landing scenario. Chuck Grom, Gordon Haskett Senior Retail Analyst, discusses Macy's earnings. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Bob Michele, JPMorgan Asset Management Head of Fixed Income, says he sees a recession by the end of the year and the Fed cutting rates by September. Rep. Bryan Steil, Republican from Wisconsin says the debt-limit bill is not perfect but its's a step in the right direction. Anglo Zino, Senior Equity Analyst at CFRA says he is a believer in Nvidia but he thinks there will be some AI fatigue. Emily Roland, John Hancock Investment Managemenet Co-Chief Investment Strategist says she continues to favor investing in the US over the rest of the world. William Lee, The Milken Institute Chief Economist says China is snowballing into a static plateau. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Jamie Dimon is in Shanghai for JPMorgan's China summit. It's the first time the bank's flagship event is being held in person since 2019. Bloomberg News sat down for a wide-ranging, exclusive interview with the JPMorgan CEO. Here is his interview with Bloomberg's Stephen Engle. See omnystudio.com/listener for privacy information.

Brian Levitt, Inveso Global Market Strategist, says we are close to the end of the tightening cycle. Mandeep Singh, Sr. Technology Analyst for Bloomberg Intelligence on Nvidia's march toward $1 trillion market value. Greg Valliere, Chief US Policy Strategist at AGF investments says, House Speaker Kevin McCarthy is a "serious player" following the weekend's debt ceiling negotiations. Katy Kaminski, Chief Research Strategist at Alphasimplex says, she's looking for a breakout in US treasury yields. Lee Ferridge, Head of Macro Strategy at State Street, says sterling/US dollar will hit $1.15 by the second half of this year.Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Mike Wilson, Morgan Stanley Chief US Equity Strategist, says the bear market is continuing. Megan Greene, Kroll Institute Global Chief Economist, says the Fed is not finished here. Jeannette Lowe, Strategas Managing Director of Policy Research, says crossing the X-date would not necessarily mean a US default. Dan Ives, Wedbush Senior Equity Analyst, says AI could add "another $30 per share to the Apple story." Daniel Ricciardo, Red Bull Racing Reserve Driver & 2018 Monaco Grand Prix Winner, wants to find an F1 seat in 2024, and wouldn't rule out a return to racing with Red Bull. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Jay Bryson, Wells Fargo Chief Economist, says we are always flying blind in this economy. Douglas Holtz-Eakin, American Action Forum President, discusses debt-limit talks between Biden and McCarthy. Diana Amoa, Kirkoswald Asset Management CIO of Long Biased Strategies, says valuations aren't "based purely on fundamentals," and that investors are getting "FOMO." Larry Adam, Raymond James Chief Investment Officer, says tech continues to reinvent itself. Mandeep Singh, Bloomberg Intelligence, discusses Nvidia soaring on strong AI demand outlook. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Greg Peters, PGIM Fixed Income Co-CIO, says the yield curve is already pricing in a recession. Oliver Chen, Cowen Senior Equity Research Analyst, discusses the slump in European luxury retailers. James Lucier, Capital Alpha Partners Senior Political Analyst, discusses debt-limit talks and DeSantis' potential announcement of his 2023 presidential bid on Twitter with Musk. Liz Young, SoFi Head of Investment Strategy, says the market is showing "pretty classic late cycle behavior." Doug Kass, Seabreeze Partners President, explains why he thinks the debt ceiling is a sideshow distracting investors from the seriously negative ramifications of a top heavy market. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Savita Subramanian, BofA Global Research Head of US Equity & Quantitative Strategy, raises her 2023 target for the S&P 500.Greg Valliere, AGF Investments Chief US Policy Strategist, discusses debt-limit talks between Biden and McCarthy. Julian Emanuel, Evercore ISI Chief Equity & Quantitative Strategist, sees a recession starting in the second half of this year. Torsten Slok, Apollo Global Management Chief Economist, says a recession is on the horizon. Bill Winters, Standard Chartered CEO, is not expecting another banking crisis. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Despite the lack of a banking crisis, Subadra Rajappa, Societe Generale Head of US Rates Strategy sees credit tightening conditions lingering.Christopher Marinac of Janney Montgomery Scott sees regional banks "marching forward" with lending and profits. Lisa Hornby, Schroders Head of US Multi-Sector Fixed Income sees a cautious Fed saying they "may go a little bit further"Michael O'Leary, CEO of Ryanair sees airfares rising 5-10% for the next couple of years.Bloomberg's Annmarie Hordern reports on the US debt ceiling. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Sonali Basak, Bloomberg News Wall Street Correspondent says Morgan Stanley CEO Jim Gorman announcing he will resign in the next 12 months is the surprise news from today's AGM.Priya Misra, TD Securities Global Head of Rates Strategy says she sees the Fed hiking one more time and "it's a high bar for them to keep going".Henrietta Treys, Veda Partners Economic Policy Research Director says there is a 2% chance the US defaults on its debt. Jordan Rochester, Nomura G-10 FX Strategist says the dollar will zigzag the rest of this year like it did in 2021. David Bailin, Citi Global Wealth CIO says putting money overseas right now is a "gimmee".Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

John Kirby, National Security Council Coordinator for Strategic Communications says if you don't take care of the nation's debt, virtually nothing else matters in terms of what you're trying to do around the world. Ellen Zentner, Morgan Stanley Chief US Economist says the Fed is close enough to restrictive. Barbara Reinhard, Voya Investment Management Head of Asset Allocation sees the US outpacing the rest of the world with inflation data "likely to go our way". Joe Feldman, Telsey Advisory Group Senior Research Analyst says consumers are stronger than we think and have money to spend. Jim Bianco, Bianco Research Founder & President. says there's likely more pain to come thanks to the ongoing bank turmoil. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Amy Wu Silverman of RBC Capital Markets says the market consensus is bearish and the tale of optimism doesn't exist. Libby Cantrill of PIMCO believes a deal on the debt ceiling is "imminent," and could come together by this weekend. Mike Schumacher of Wells Fargo Securities says global inflation remains stubborn. Michael Gapen of BofA Securities says a Fed rate hike in June can't be ruled out. Chris Marinac of Janney Montgomery Scott says banks are in a goog spot and getting better each quarter. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Marvin Loh, State Street Senior Global Macro Strategist, says a recession is unavoidable. Tiffany Wilding, PIMCO Economist says the consumer is hanging in there following retail sales data. Lindsay Rosner, Portfolio Manager at PGIM Fixed Income says the inflation battle is not over, and says a move into fixed income makes sense. Chuck Grom of Gordon Haskett warns of a "discretionary recession" in retail. Isaac Boltansky, BTIG Director for Policy Research says hearings rarely change policy ahead of the Senate hearing on the failures of SVB and Signature Bank. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Stuart Kaiser, Citi Head of US Equity Trading Strategy, says we're "bouncing into a ceiling and a floor" between 3,800 and 4,200 on the S&P 500. Lindsey Piegza, Stifel Chief Economist, says 2Q GDP could actually surprise to the upside. Oscar Munoz, Former United Airlines CEO, discusses the state of the airline industry. Janno Lieber, MTA Chair & CEO, discusses safety and affordability of New York City public transit. Greg Valliere, AGF Investments Chief US Policy Strategist, discusses Biden, McCarthy's upcoming debt-limit meeting. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance See omnystudio.com/listener for privacy information.

Get today's top stories, with context, in just 15 minutes. Subscribe to the Bloomberg Daybreak podcast: 1) On Apple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-us-edition/id1663860720 2) On Spotify: https://open.spotify.com/show/0DPsJjKQajOKKw35Hme5af 3) Anywhere: https://omny.fm/shows/bloomberg-daybreak See omnystudio.com/listener for privacy information.