Bloomberg Surveillance

David Herro, CIO at Harris Associates, says European financial stocks will do well and BNP Paribas is still a good value. Prior to that, Adair Turner, former chairman of the U.K. Financial Services Authority, says countries want to stay in the Paris Climate Accord. Shahab Jalinoos, the head of FX strategy at Credit Suisse, says an Emmanuel Macron presidency will generate optimism in European reform. Finally, Stan Collender, MSLGroup's executive vice president, says a government shutdown is possible, but unlikely.See omnystudio.com/listener for privacy information.

Richard Attias, chairman of Richard Attias & Associates, says French voters are fed up with the traditional political elite and are writing a new chapter in French politics. Julia Coronado, chief economist at MacroPolicy Perspectives, says tax reform talks are "smoke and mirrors." David Rothkopf, CEO and editor of the FP Group, says there's a global anti-establishment backlash. Finally, George Friedman, chairman of Geopolitical Futures, says it's not out of the question that Marine Le Pen could win the French presidential election, following the surprise upsets of Brexit and Trump. (Corrects misspelling of Coronado.)See omnystudio.com/listener for privacy information.

Olivier Blanchard, former chief economist at the IMF, says the French election isn't a big short-term risk and the lack of informed economics debate is an issue. Prior to that, Jason Furman, a senior fellow at the Peterson Institute, says economic problems have been increasing since the 1950s. Alice Rivlin, a former vice chair of the Fed, says the U.S. political system's so polarized that the country isn't getting anything done. Jacob Frenkel, chairman of JPMorgan Chase International, says geopolitics are the sources of economic uncertainty. Finally, Alan Blinder, a former vice chair of the Fed, says the U.S. isn't going back to the nominal interest rates to which investors had become accustomed.See omnystudio.com/listener for privacy information.

Robert Kaplan, president of the Dallas Fed, says three Fed rate hikes is still a good baseline and that the central bank's unwinding of its balance sheet should be phased in and gradual. Prior to that, John Lipsky, former first managing director of the IMF, says international collaboration has real substance and holds up the promise of better economic growth. Finally, Gideon Rose, the editor of Foreign Affairs magazine, says the Trump administration is confused on Syria and trade with China.See omnystudio.com/listener for privacy information.

BlackRock CEO Larry Fink says the U.S. market is the most expensive relative to others and that the market today is anticipating a more centrist outcome with the French elections. Prior to that, Amherst Pierpont's Bob Sinche says U.K. Prime Minister Theresa May's snap election is an aggressive move in solidifying her leadership. Hiroshi Watanabe, president of the Institute for International Monetary Affairs, says monetary and fiscal policies, along with structural reform, need to take place simultaneously. Finally, Frederic Mishkin, a professor at Columbia Business School, says the Fed expanded its balance sheet to lower interest rates on the long end of the yield curve, which is much more important to consumers.See omnystudio.com/listener for privacy information.

Dominic Konstam, Deutsche Bank Securities Global Rates Research Head, said a weak sterling reflects the U.K. may struggle to get a good Brexit deal. John Stoltzfus, Oppenheimer & Co. Chief Investment Strategist, said the VIX has been remarkably low as equity markets look for U.S. economic expansion. Anthony Scaramucci, a Trump adviser, said the White House is more stable than it looks. Dennis Gartman, Gartman Letter Publisher, said it's still a bull market for the dollar. Linda McMahon, administrator at the U.S. Small Business Administration, said the SBA will stay separate.See omnystudio.com/listener for privacy information.

Steve Case, co-founder of AOL, discusses the outlook for technology and innovation and says U.S. startups need immigrants. Julian Emanuel, an equity and derivatives strategist at UBS, says markets are in a wait-and-see mode. Finally, Mike Mayo, an independent banking analyst, says banks are hardwired for safety, but not for better governance.See omnystudio.com/listener for privacy information.

Narayana Kocherlakota, a Bloomberg View columnist and former president of the Federal Reserve Bank of Minneapolis, says it would be hard for Trump to say that Janet Yellen hasn't done her job. Prior to that, Michael Darda, MKM Partners' chief economist, says the Fed's on course for quarter-to-quarter rate hikes. Ken Leon, CFRA Research's director of industry and equities, says JPMorgan didn't exhibit its normal across-the-board strength in earnings. Finally, Emmanuel Kachikwu, Nigeria's oil minister, says OPEC is struggling with U.S. production increases.See omnystudio.com/listener for privacy information.

IMF Managing Director Christine Lagarde says protectionism's a threat and we should assess currency moves on a global basis. Marc Chandler, the head of foreign exchange at Brown Brothers Harriman, says geopolitical tensions will eventually settle down. Finally, James Stavridis, the dean of the Fletcher School at Tufts University, says the mutual history of the U.S. and Russia can be a positive.See omnystudio.com/listener for privacy information.

Bob Michele, JPMorgan's chief investment officer, says small and mid-cap companies in the U.S. are fine and that's being reflected in small-business confidence. Prior to that, Nomura Securities' George Goncalves says central banks don't like being in the limelight. Finally, George Friedman, founder of Geopolitical Futures, says North Korea appears to be close to having nuclear weapons.See omnystudio.com/listener for privacy information.