Bloomberg Surveillance

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.