Bloomberg Surveillance

Anthony Crescenzi, a Pimco money manager, says inaction in Washington has hurt the U.S. economy. Greg Valliere, Horizon Investments' chief global strategist, says tax reform isn't the next issue for the Trump administration. Jim Kochan, Wells Fargo's chief fixed-income strategist, says the high-yield market still offers value as yields will move sideways through 2017. Finally, Michael Cohen, Barclays' head of energy commodities research, says most commodity prices are driven lower by macro developments.See omnystudio.com/listener for privacy information.

Brian Levitt, a senior strategist at OppenheimerFunds, says there's going to be a pause in markets as we deal with the reality of politics. Peter Tague, Citigroup's co-head of global M&A, says it's tougher for private equity to make money now. Finally, UBS Securities' Julian Emanuel says a lot of pockets in the market are at historically high valuations.See omnystudio.com/listener for privacy information.

Anne-Marie Slaughter, the president of New America Foundation, says the Russians hacked the presidential election and the U.S. needs to respond, but the national trauma of 9/11 and the Iraq War has made the U.S. more timid and reluctant to use force. Prior to that, Deutsche Bank's Sebastien Galy says the catalyst for a stronger dollar will be better data in the U.S. Then, Tony Dwyer, Canaccord Genuity's chief market strategist, says you should never sell until you're in close proximity to a recession. Nicholas Burns, a professor at Harvard University's Kennedy School, says you need to work across borders to counter modern terrorism. Finally, Erwin Chemerinsky, the dean of University of California, Irvine's School of Law, says Neil Gorsuch is smart and articulate but isn't answering many questions in Congress.See omnystudio.com/listener for privacy information.

Zeke Emanuel, a senior fellow at the Center for American Progress, says there should be a bipartisan approach to health care. Prior to that, Harm Bandholz, UniCredit's chief U.S. economist, says Trump and European countries are the losers on globalization and technological progress. Don Straszheim, Evercore ISI's head of China research, says China's in Draghi mode. Finally, Yale's Robert Shiller says Trump oversimplifies and implies it's easy to fix problems.See omnystudio.com/listener for privacy information.

Admiral James Stavridis, the dean of Tufts University's Fletcher School, says Secretary of State Rex Tillerson's decision to skip April's NATO meeting is a violation of "diplomacy 101." William Rhodes, president and CEO of William Rhodes Global Advisors, says the banking culture needs to improve to restore trust in banking. Paul Quinsee, JPMorgan's global head of equities, says revenue growth and currency movements will help profit growth this year in Europe. Finally, Neil Shearing, Capital Economics' chief emerging markets economist, says the strength of the Mexican peso and other emerging market currencies has been surprising.See omnystudio.com/listener for privacy information.

Jeffrey Sachs, Columbia University Professor of International and Public Affairs, said President Trump has turned the world against the U.S. Phil Verleger, PKVerleger President, said technology will lead to an overwhelming drop in oil costs. Jack Bogle, Vanguard Founder, said active investing has moved to the ETF space. Neel Kashkari, Minneapolis Fed President, said he's not worried about the Fed falling behind the curve.See omnystudio.com/listener for privacy information.

Gabriela Santos, JPMorgan Asset Management Global Market Strategist, said equities will escape the sideways market. Doug Elmendorf, Former CBO Director, said it's time to scale back entitlement programs. Nicholas Burns, Harvard Professor, said budget cuts would decimate the State Department. Stan Collender, MSLGROUP Executive Vice President, said President Trump's budget is masquerading as a government document. Steven Rattner, Willett Advisors Chairman, said it's hard to see the long-term growth rate above 2%. Andrew Gurman, American Medical Association President, said that the science on vaccines is totally clear.See omnystudio.com/listener for privacy information.

Jason Furman, a senior fellow at the Peterson Institute, discusses Donald Trump's budget proposal. Peter Hooper, chief economist at Deutsche Bank Securities, says the Bank of England is on the sidelines for Brexit. Sebastian Mallaby, a senior fellow at the Council on Foreign Relations, says the Fed should be more paranoid about asset prices overshooting. Richard Haass, the president of the Council on Foreign Relations, says Rex Tillerson is having a rough start to the year. Willem Buiter, Citigroup's chief economist, says the Dutch election outcome is a personal punch to Geert Wilders. Finally, Tom Nichols discusses his book, "The Death of Expertise: The Campaign Against Established Knowledge and Why It Matters."See omnystudio.com/listener for privacy information.

Alan Ruskin, global co-head of head of currency research at Deutsche Bank Securities, warns that U.S. investors risk losing their "animal spirits." Joe Antos, a health economist at the American Enterprise Institute who is critical of the Affordable Care Act, says Republicans should take time to refine their health-care plan. Doug Kass, president of Seabreeze Partners, says the unexpected often moves markets. Finally, Jim Palmer, former Hall of Fame pitcher for the Baltimore Orioles, discusses the business of baseball.See omnystudio.com/listener for privacy information.

Andy Slavitt, the former administrator of the Centers for Medicare and Medicaid, says politicians must make progress on the health-care bill, without pride of authorship. Prior to that, Neil Dutta, Renaissance Macro's head of U.S. economics, says animal spirits are returning to America, but not in Europe. Bob Haber, Proficio Capital Partners' founder, says he's sitting on the sidelines for private equity. Finally, Michael Froman, a former U.S. Trade representative, says several TPP countries want to move ahead on the deal without the U.S.See omnystudio.com/listener for privacy information.