Bloomberg Surveillance

George Goncalves, head of U.S. rates strategy at Nomura Securities, discusses the changes to the Bank of Japan’s monetary stimulus program. Goldman Sachs’ Abby Joseph Cohen says U.S. stocks are not in a bubble. Atlas Merchant’s Bob Diamond says he’s looking to invest in European banks. The OECD’s Catherine Mann says there is no sign of a major collapse in confidence post Brexit.\u0010\u0010(Corrects spelling of guest in headline)

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Council of Foreign Relations' Richard Haass says TPP passage is a no-brainer for an open economy. Harvard Business School's Michael Porter says our political system is structured to divide us. CLSA's Mike Mayo says the Wells Fargo scandal will blow over with some pain. Peterson Institute Senior Fellow David Stockton says Yellen is more in the "patient" camp than the "ready to go" camp.

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Luigi Zingales, professor at The University of Chicago Booth School of Business, says the German election shows a risk of the EU moving backward. UBS Securities' Brennan Hawken weighs in on Wells Fargo's recent lawsuit by customers. Capital Alpha Partners' Charles Gabriel says the sense of helplessness about homegrown terrorism could work to Trump's advantage.

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Lakshman Achuthan, ECRI co-founder, explains his cautious view on economic growth. Also, Kennan Institute's William Pomeranz on Trump's admiration for Putin. And \u0010NYU's Rick Pildes on what happens if a political candidate pulls out.

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U.S. Council of Economic Advisers Chairman Jason Furman says U.S. productivity growth is too slow. Grisanti Capital Management CEO Christopher Grisanti recommends holding cash and being selective on stocks. Sri-Kumar Global Strategies founder Komal Sri-Kumar criticizes Bank of England Governor Mark Carney for moving too quickly in August.

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Carl Tannenbaum, Northern Trust Company's chief economist, on the dangerous path of Japanese demographics. PK Verleger President Phil Verleger defends his outlier call on oil. And UBS' Drew Matus on four key inflation charts.

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Harvard University Professor Kenneth Rogoff makes the case for eliminating most paper money. Evercore Partners founder Roger Altman dismisses concern over Hillary Clinton's health. Martin Feldstein, president emeritus of the National Bureau of Economic Research, says the Fed has a risky strategy, while Yale University Professor Robert Shiller says the central bank is out of ammunition.

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The London School of Economics' Lord Meghnad Desai says we need helicopter money. Also, American Action Forum President Douglas Holtz-Eakin says the Fed is unpopular right now. OECD's William White says negative rates risk backfiring. And finally, Goldman Sachs' Jeff Currie says commodity markets are near equilibrium.

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Morgan Stanley's Ellen Zentner says the Fed is itching to move rates. Also, PIMCO Executive Vice President, Libby Cantrill, believes the same party that wins the White House will win the Senate. And finally, former Minneapolis Fed President Gary Stern: "I would vote for a Fed rate hike."

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Piper Jaffray's Gene Munster says Apple's AirPods aren't likely to backfire. Also, Manulife's Megan Greene says ECB is following in BOJ's footsteps. And finally, PWC's Mitch Roschelle says that London still holds huge appeal post-Brexit.

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CLSA's Mike Mayo calls JPMorgan the LeBron James of banking; Allianz's Mohamed El-Erian says central banks are becoming less effective; Willett Advisors' Steve Rattner says U.S. trade deals didn't address lower wages; Amherst Pierpont's Stephen Stanley says the Fed can't be patient and gradual. And finally, NHL Commissioner, Gary Bettman: "There's nothing better than live sports, we're the ultimate reality show."

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Kissinger Associates' Bob Hormats says the U.S. political environment is almost fact-free. Also, the Fletcher School's James Stavridis says that NATO underestimated the Russian response to NATO's expansion. And finally, the Gartman Letter's Dennis Gartman says ethanol is a terrible fuel.

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JPMorgan International Chairman Jacob Frenkel says negative rates are not healthy for the financial system; Harvard Kennedy School's Nicholas Burns says Vladimir Putin respects a show of force; Janus Capital's Bill Gross: September rate hike odds are close to 100%; and PIMCO's Scott Mather says Fed's "forward misguidance" campaign continues.

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Stewart Warther, BNP Paribas Equity Strategist, and David Kotok, Cumberland Advisors Chairman, on what will drive volatility higher; Admiral James Stavridis, Dean of Tufts University Fletcher School, on G20 meeting and Russia-Turkey relations; and Stephen Schork, Schork Group President, says the cruel summer has been phenomenal for energy.

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Atlantic Equities Bank Analyst Chris Wheeler says he doesn't expect a merger of big banks in Germany. Also, Ed Morse, head of commodities research at Citigroup, sees $65 oil by the end of 2017 and thinks "OPEC is dead." And finally, Chicago Booth Professor and Clinton Advisor Austan Goolsbee says 25% chance of recession by late 2017.

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Federal Reserve Vice Chairman Stanley Fischer says negative interest rates seem to be working in other countries, while reinforcing that they aren’t on the table in the U.S. Adam Posen, president of the Peterson Institute for International Economics, reacts to Fischer's interview.

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Did the Fed blow it? Stanford University economist John Taylor says Federal Reserve policymakers erred by failing raise interest rates so far this year and the policy is “confusing people.” Also, Peter Hooper, chief economist at Deutsche Bank, says a stronger dollar will slow the pace of Fed hikes. And finally, Ira Jersey, a senior client portfolio manager at OppenheimerFunds, says a flatter yield curve this time around isn't a recession indicator.

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St. Louis Fed President James Bullard says the central bank is close to its goals; Dallas Fed President Robert Kaplan says the path of Fed rate hikes going forward will be flatter; Atlanta Fed President Dennis Lockhart says he can see two rate hikes this year; NYU's Brad Hintz says negative rates are crushing bank balance sheets; Columbia Business School Dean Glenn Hubbard and Barclays' Michael Pond discuss the Fed's policy toolbox.

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Kansas City Fed President Esther George: "Time is right" for a near-term rate hike; Howard Ward, GAMCO chief investment officer, says we're running up against the law of diminishing returns when it comes to monetary policy; and Wendy Schiller, Brown University political science professor says Donald Trump is doing us a favor by exposing a lot of flaws in our nomination system.

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David Malpass, Donald Trump Economic Advisor, says Trump will cut taxes for everyone; Dominic Konstam, Deutsche Bank Global Head of Rates Research, "stunned" by poor productivity numbers; David Kotok, Cumberland Advisors Chairman, previews Jackson Hole; and Doug Duncan, Fannie Mae Chief Economist, discusses the housing market.

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Jim Glassman, senior economist at JPMorgan Securities, says the U.S. unemployment rate may be 6.47 percent; Michael Pond, head of inflation market strategy at Barclays Global, speaks about the distinction between inflation expectations and inflation compensation; and Danny Blanchflower, a former BOE policymaker, says it could take up to six months to understand Brexit's impact on the U.K. economy.

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Tom Keene and Francine Lacqua, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss monetary policy with RBS' Howard Davies; banks with Harris Associates' David Herro; and central banks with Allianz's Mohamed El-Erian.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss profit margins with OppenheimerFunds' Brian Levitt; the Fed with Bank of America Merrill Lynch's Michelle Meyer; election polls with Gallup's Frank Newport; and fed rates with MKM Holding's Michael Darda.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss his book, "The Euro: How a Common Currency Threatens the Future of Europe," with Columbia University's Joe Stiglitz; Donald Trump with Horizon Investments' Greg Valliere; the Fed with Morgan Stanley's Ellen Zentner; and Brexit's effect on scotch whisky with Edrington CEO, Paul Ross.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the anniversary of the financial crisis with Strategas Research Partners' Jason Trennert; the dollar with HSBC's Daragh Maher; and inflation with Prudential's Greg Peters.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the state of the market with Macro Risk Advisors' Dean Curnutt; the Yen with Rabobank's Jane Foley; housing with Fannie Mae's Doug Duncan; and economic data with BlackRock's Martin Hegarty.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss gold with High Frequency Economics' Carl Weinberg; the Fed minutes with PIMCO's Tony Crescenzi; and his book, "Whistlestop: My Favorite Stories from Presidential Campaign History," with CBS News' John Dickerson.

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Tom Keene and Francine Lacqua, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the new issue of Foreign Affairs Magazine with Gideon Rose; productivity with Morgan Stanley's Ted Wieseman; retail sales with Telsey Advisory Group's Dana Telsey and Robert Burke & Associates' Robert Burke; and oil with IHS' Dan Yergin.

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Tom Keene and Barry Ritholtz, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss helicopter money with Berenberg's Holger Schmieding and UBS Limited's Themos Fiotakis; investing with Seabreeze Partners' Doug Kass; mathematics and retail with Bloomberg View's Barry Ritholtz; and buy & hold investing with Willett Advisors' Steve Rattner.

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Tom Keene and Barry Ritholtz, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss equities and the Fed with Wells Fargo's Gina Martin Adams; Disney with BTIG's Richard Greenfield; economics with the Center on Budget & Policy's Jared Bernstein; and Japanese Emperor Akihito with the Council on Foreign Relations' Sheila Smith.

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Tom Keene and Barry Ritholtz, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss equities with Morgan Stanley's Adam Parker; investing with Bloomberg's Barry Ritholtz; and equities with Gartman Letter's Dennis Gartman.

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Tom Keene and Francine Lacqua, filling in for Michael McKee, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss fiscal policy with Bank of America Merrill Lynch's David Woo; Italian banks with University of Chicago Booth School of Business' Luigi Zingales; and the Fed with Amherst Pierpont's Robert Sinche.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss jobs and the economy with Princeton University's Alan Krueger, Goldman Sachs' Abby Joseph Cohen, JPMorgan's Jim Glassman and Janus Capital's Bill Gross.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the Bank of England with Fitch Ratings' Brian Coulton.

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Tom Keene, Michael McKee and David Gura bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss jobs with Cumberland's Robert Eisenbeis; the Bank of England decision with the Peterson Institute's Adam Posen; and the UK's economic outlook with Manulife Asset Management's Megan Greene.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss banking and investment with Ellevest CEO, Sallie Krawcheck; equities with Weeden & Co.'s Michael Purves; oil with Schork Group's Stephen Schork; and fiscal policy with Qorvis MSL Group's Stan Collender.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the race for the White House and global events with the Council of Foreign Relations' Richard Haass; the latest economic data with Diane Swonk & Associates' Diane Swonk; and equities with Deutsche Bank's Rocky Fishman.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss oil with Wood Mackenzie's Skip York; the Fed with OppenheimerFunds' Ira Jersey; and the military and politics with Fletcher School's James Stavridis.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the Bank of Japan with Morgan Stanley MUFG's Robert Feldman and Hans Redeker; economic risk in Europe with Peterson Institute's Adam Posen; the reaction to the Bank of Japan with Amherst Pierpont's Bob Sinche; and Donald Trump's foreign policy with Harvard Professor Nicholas Burns.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss oil prices with Citigroup's Ed Morse; the global economic outlook with Pimco's Richard Clarida; and digital advertising and the tech landscape with Pivotal Research's Brian Wieser.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss equities with BMO Capital Markets' Brian Belski; Janet Yellen and the Fed's models with BlackRock's Jeff Rosenberg; the Fed and the economy with RBC Capital Markets' Tom Porcelli; and Apple's earnings with BTIG's Walter Piecyk.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the economic outlook with UniCredit's Harm Bandholz; Apple with Piper Jaffray's Gene Munster; housing outlook with Miller Samuel's Jonathan Miller; and McDonald's with Sanford Bernstein's Sara Senatore.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the Verizon/Yahoo deal with Bank of America's Joe Quinlan and NYU's Scott Galloway; technical analysis with Louise Yamada Technical Research Advisors' Louise Yamada; and the Fed with Gluskin Sheff & Associates' David Rosenberg.

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Michael McKee and Lisa Abramowicz, filling in for Tom Keene, bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss Brexit and oil with former BP CEO, John Browne; his recent note calling for 10 year yields at 1% in 2017 with Morgan Stanley's Matthew Hornbach; the Republican National Convention with Mercury Public Affairs' Vin Weber; and his book, "Ahead of the Curve: Inside the Baseball Revolution," with author Brian Kenny.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss shadow rates with PIMCO's Joachim Fels; politics and oil with IHS' Daniel Yergin; the Asian outlook with UBS' Tao Wang; and the Republican National Convention with Horizon Investments' Greg Valliere.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss Morgan Stanley with NYU's Brad Hintz; Donald Trump with former Senator of New Hampshire, John Sununu; forecasting with Peterson Institute's David Stockton; and the dollar with Merk Investments' Axel Merk.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss economic growth with Morgan Stanley's Ellen Zentner; the presidential race with Gallup Poll's Frank Newport; US economy with UBS' Maury Harris; and Donald Trump with Michael Barone, principal author of The Almanac of American Politics.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss global economies with High Frequency Economics' Carl Weinberg; US economy with Renaissance Macro's Neil Dutta; the Turkish coup with Former Supreme Allied Commander at NATO, Admiral James Stavridis; and the Republican National Convention with Capital Alpha Partners' Chuck Gabriel.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the terror attack in Nice, France with Kissinger Associates' Robert Hormats and President of the Council on Foreign Relations, Richard Haass; helicopter money with Carnegie Mellon's Marvin Goodfriend; and negative interest rates with BlackRock's Jeffrey Rosenberg.

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Tom Keene and Michael McKee bring you the best in economics, finance, investment and international relations. Today in Surveillance, they discuss the Bank of England's decision to not change interest rates in the UK with former BOE Policy Maker, Andrew Sentance; bank earnings with Portales Partners' Charles Peabody; the bull market with Holland & Co.'s Michael Holland; and the Fed with Morgan Stanley's Ellen Zentner.

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