Bloomberg Surveillance

Jan Hatzius, Goldman Sachs Chief Economist & Head of Global Investment Research, expects a rapid recovery in 2021. Glenn Hubbard, Columbia University Professor & Former Chairman of the Council of Economic Advisors, says the U.S. needs more sustainable fiscal policy. Andrew Sheets, Morgan Stanley Chief Cross Asset Strategist, expects the economy to burn hotter and shorter. Randy Kroszner, University of Chicago Booth School of Business Professor of Economics, it is still uncertain whether inflation expectations could become unanchored. Lauren Sauer, Johns Hopkins Assistant Professor of Emergency Medicine, says we have to target the most vulnerable for vaccines.

Bharat Ramamurti, U.S. National Economic Council Deputy Director, outlines why Biden plans to ensure wealthier taxpayers pay more. Patricia Mosser, Columbia University Professor & Former Federal Reserve Bank of New York Senior Official, says higher real interest rates and inflation expectations have been good news from a macroeconomic standpoint. Ian Lyngen, BMO Head of U.S. Rates Strategy, says he could see a situation in which the Fed gives the green light to the bear re-steepening. Dr. Amesh Adalja, Johns Hopkins Center for Health Security Senior Scholar, says suspending the AstraZeneca vaccine is the wrong decision.

Ben Laidler, Tower Hudson Research CEO, says the rotation has just begun. David Rubenstein, Carlyle Group Founder, says we could see a return to some type of normality by the fall. Noelle Corum, Invesco Portfolio Manager, says we could see more rates volatility from here. Mike Mayo, Wells Fargo Securities Head of U.S. Large-Cap Bank Research, explains why he increased his price target on JPMorgan to the highest on the street.

Rick Bright, The Rockefeller Foundation Pandemic Prevention and Response Senior Vice President, says he's seen a complete 180 degree turnaround between the Biden and Trump administrations in their response to coronavirus. Michael Holland, Holland & Company Chairman, says we are in the early stages of a major recovery. Anna Han, Wells Fargo Securities Equity Strategist, says she is focused on earnings expectations. Blerina Uruci, Barclays Senior U.S. Economist, sifts through inflation concerns explaining sometimes the narrative is more dramatic than actual changes in the underlying data.

Sarah Bianchi, Evercore ISI Head of U.S. Public Policy, says the era of U.S. gridlock is not over. Kallum Pickering, Berenberg Senior Economist, says the underlying risks to the economy are still significant. Sebastien Page, T Rowe Price Multi Asset Strategist, says rising rates are an unknown for markets. Jason Farley, Johns Hopkins Nursing Professor, says the risk of blood clots from Covid-19 rises with age.

Jared Bernstein, U.S. Council of Economic Advisors Member, says Biden's rescue plan is critical for a reliable recovery. Bruce Kasman, JPMorgan Chief Economist & Head of Global Economic Research, sees both the U.S. and western Europe booming over the next couple of quarters. James Stavridis, Bloomberg Opinion Columnist & Former NATO Supreme Allied Commander, says the U.S. has to confront China where it must, but cooperate where it can. Michael Nathanson & Craig Moffett, MoffettNathanson Founding Partners & Senior Research Analysts, discuss the future of cord-cutting and direct-to-consumer. Gabriela Santos, JPMorgan Investment Management Global Market Strategist, says we are just seeing a correction in Chinese markets.

Laurence Boone, OECD Chief Economist, says the U.S. stimulus package will help power a faster than expected global economic upswing. Mark McCormick, TD Bank Global Head of FX Strategy, is bullish on the dollar versus the euro. Jim Paulsen, Leuthold Weeden Capital Management Chief Investment Officer, says 2022 will be an adjustment year for markets. Dr. Amesh Adalja, Johns Hopkins Center for Health Security Senior Scholar, says the CDC guideline show why vaccines are so important.

Abby Joseph Cohen, Goldman Sachs Advisory Director and Senior Investment Strategist, says she still sees potential in equities. Deborah Fuller, University of Washington School of Medicine Microbiology Professor, says a pan-virus vaccine needs to be developed. Kathy Jones, Charles Schwab Chief Fixed Income Strategist, says zombie companies are living off fumes. Michelle Meyer, BofA Securities Head of U.S. Economics, says consumers will drive U.S. economic growth. Valerie Grant, AllianceBernstein Senior Portfolio Manager: Responsible Investing, discusses empowering women in finance.

Jared Bernstein, U.S. Council of Economic Advisers Member, says the details surrounding stimulus payments are still under review. Savita Subramanian, BofA Securities Head of U.S. Equity & Quantitative Strategy, says there are real risks in the S&P 500 and the NASDAQ. Ellen Zentner, Morgan Stanley Chief U.S. Economist, says the Fed needs to be more forceful. Priya Misra, TD Securities Global Head of Rates Strategy, thinks rates will keep rising until we get persistent tightening of financial conditions.

Olaf Scholz, German Finance Minister, says Germany will need to increase debt spending this year to help tackle the impact of the coronavirus crisis on Europe’s largest economy. Danny Blanchflower, Dartmouth College Professor of Economics, says wage growth is the big story going forward. Dr. Peter Hotez, Baylor College of Medicine National School of Tropical Medicine Dean, says a fourth coronavirus wave is possible. Chris Marangi, Gabelli Funds Co-Chief Investment Officer says the era of low rates, low inflation and good growth is over.

Michael Feroli, JPMorgan Securities Chief U.S. Economist, says above trend GDP growth will likely persist. Alicia Levine, BNY Mellon Chief Strategist, says this will be a difficult year for the Fed. Greg Peters, PGIM Senior Portfolio Manager, says the real yield matters more than inflation dynamics right now. Francisco Blanch, BofA Securities Head of Global Commodities and Derivatives Research, says metals still have quite a run ahead.

Jamie Dimon, JPMorgan Chase Chairman & CEO, says that getting through Covid is critical. Ebrahim Rahbari, Citi Global Head of FX Analysis, says the weight of the global recovery is shifting toward the U.S. David Kostin, Goldman Sachs Chief U.S. Equity Strategist, says cyclicals will lead the market. Sarah House, Wells Fargo Senior Economist, is looking for 6% GDP this year. Dr. Amesh Adalja, Johns Hopkins Center for Health Security Senior Scholar, says our current coronavirus vaccines are likely to prevent new variants.

Lori Calvasina, RBC Capital Markets Head of Equity Strategy, says the bond rout does not erode the case for equities yet. Jonathan Golub, Credit Suisse Chief U.S. Equity Strategist, says the cost of corporate borrowing continues to improve even though treasury yields are higher. Dr. Jennifer Nuzzo, Johns Hopkins Center for Health Security Senior Scholar, discusses the challanges surrounding vaccine distribution. Greg Valliere, AGF Investments Chief U.S. Policy Strategist, says the $1.9 trillion stimulus package is too much.

Marvin Loh, State Street Global Macro Strategist, says the market is pushing against the Fed's ability. Ian Lyngen, BMO Capital Markets Head of U.S. Rates Strategy, says the level of repricing we've seen in the bond market has historically been linked with a shift in monetary policy. Representative Ashley Hinson, Republican from Iowa, says we need to get kids back into schools. Susan Lund, McKinsey Global Institute Partner, says the demans for low-wage workers may go down.

David Malpass, World Bank President, says the inequality in the global recovery is striking. Tony Crescenzi, PIMCO Market Strategist, Portfolio Manager & Member of the Firm's Investment Committee, says the rise in real interest rates is not affecting broader markets. Frances Donald, Manulife Investment Management Global Chief Economist & Head of Macroeconomic Strategy, says negative real yields are unsustainable. Yuli Edelstein, Israeli Health Minister, says the country is crossing the line of 50% of the population getting at least a first vaccination shot.

Rebecca Patterson, Bridgewater Director of Investment Research, says the S&P is not likely in a bubble overall. Rep. Bryan Steil, Republican from Wisconsin, says the number one thing we can do to free up the labor market is to get our children back in school. David Lebovitz, JPMorgan Asset Management Global Market Strategist, sas 2021 is going to be the year where the global economy booms. David Rubenstein, Carlyle Group Co-Founder & Peer-to-Peer Host, discusses his interview José Andrés, ThinkFoodGroup chef and owner and World Central Kitchen founder, about ending the hunger crisis in America.

Jeff Currie, Goldman Sachs Global Head of Commodities Research, says part of what is pushing commodities higher is demand to hedge inflation risk. Brian Deese, National Economic Council Director, says inflation is a risk that bears watching. Michael Kushma, Morgan Stanley CIO of Global Fixed Income, says boom conditions could continue. Dr. Amesh Adalja, Johns Hopkins Center for Health Security Senior Scholar, says this coronavirus is not an eradicable disease.

Mike Wilson, Morgan Stanley Chief U.S. Equity Strategist, says this year will be all about the relative vs. absolute performance of stocks. Megan Greene, Harvard Kennedy School Senior Fellow, says the ideas of potential growth and economic equilibrium might be antiquated. Joshua Sharfstein, Johns Hopkins Bloomberg School of Public Health Vice Dean, says there is some evidence that the new variants may be more lethal, but it doesn't change the fundamental epidemiology of the virus. Diana Amoa, JPMorgan Asset Management Senior Fixed Income Portfolio Manager, says liquidity is not an issue right now.

Representative French Hill, Republican from Arkansas, discusses what changes might come about from the GameStop hearing yesterday. Ellen Zentner, Morgan Stanley Chief U.S. Economist, says the biggest delta for the economy this year is what the consumer does. Bob Miller, BlackRock Head of Americas Fundamental Fixed Income, says pent-up demand is about to be unleashed. Robert Tipp, PGIM Chief Investment Strategist, says there are signs of excess in the market.

Leon Cooperman, Omega Family Office Chairman & CEO, doesn't see the market turmoil that formed around GameStop as a rich versus poor story. Dennis Gartman, University of Akron Endowment Fund Chairman & Former Editor of The Gartman Letter, says a commodities bull market has begun. Jim Bianco, Bianco Research President, says economists are starting to pick up on the idea that the supercycle has turned. Representative Gregory Meeks, Democrat from New York, says the GameStop hearing will inquire about whether hedge funds did any harm.