Bloomberg Surveillance

Michael Feroli, JPMorgan's chief U.S. economist, says trade wars remain the biggest downside risk in the next year or two. Prior to that, Tony Dwyer, Canaccord Genuity's chief market strategist, says the post-Donald Trump rally has brought too much optimism to the market. Then, Evan Medeiros, Eurasia's managing director for Asia, says Asian policymakers and business leaders wonder if Trump will be as committed and involved in Asia as President Obama. Finally, Dartmouth's Danny Blanchflower says the U.S. is \u0010nine million jobs away from full employment.See omnystudio.com/listener for privacy information.

Ian Bremmer, Eurasia Group's president and founder, discusses his top risks for 2017 and says traditional alliances are crumbling. Lawrence Summers, former U.S. treasury secretary, says the risks to the global economy are enormous. Then, Nouriel Roubini, Roubini Global Economics' co-founder and chairman, says there is a huge amount of uncertainty about economic policy, both in the U.S. and in Europe. Also, Dom Barton, McKinsey & Co.'s global managing partner, says it's technology -- not trade -- that's dislocating jobs. Doug Kass, Seabreeze Partners' founder, says Donald Trump is making volatility great again. Finally, Raghuram Rajan, former governor of the Bank of India, says central banks are in the "process of exit."See omnystudio.com/listener for privacy information.

Abby Joseph Cohen of Goldman Sachs joins Tom Keene for a special hour of Bloomberg Surveillance. Their conversation touches on a wide range of topics in economics and finance looking to 2017 including the Trump presidency. Also, a special look back to the challenges she has faced across her storied career.See omnystudio.com/listener for privacy information.

Luigi Zingales, a professor at the University of Chicago's Booth School of Businesss, discusses what to expect in Donald Trump's first 100 days. Dennis Ross, a distinguished fellow at the Washington Institute, says a one-state solution in the Middle East will not work. Finally, Don Rissmiller, Strategas's chief economist, says it's hard to accelerate employment gains in the second half of a business cycle.See omnystudio.com/listener for privacy information.

John Silvia, Wells Fargo Securities' chief economist, says fiscal policy structure should the No. 1 priority for Donald Trump. Neil Shearing, chief emerging markets economist at Capital Economics, says the biggest risks to emerging markets next year will be domestic in nature. Finally, John Ryding, a co-founder of RDQ Economics, says we are in a new environment of fiscal stimulus at a time of relatively full employment.See omnystudio.com/listener for privacy information.

Marc Chandler, Brown Brothers Harriman's head of currency strategy, discusses the Fed and how he expects to see the British sterling head weaker. Tony Crescenzi, a PIMCO portfolio manager, says credit markets are fully priced for a good scenario. Finally, John Nixon, a former CIA analyst, says the politicization of intelligence has done more harm to foreign policy than anything in the last decade.See omnystudio.com/listener for privacy information.

Michael Holland, chairman and founder of Holland & Co., says markets are pricing in stronger growth and discusses why financials are up going into 2017. Neil Dutta, Renaissance Macro Research's head of U.S. economics, says the tax code needs an overhaul. Finally, Jonathan Golub, RBC Capital Markets' chief U.S. market strategist, says inflation is coming naturally from the unemployment rate being under 5 percent.See omnystudio.com/listener for privacy information.

John Lipsky, former IMF first deputy managing director, discusses managing director Christine Lagarde's negligence conviction. Howard Davidowitz, Davidowitz & Associates' chairman, talks to Tom Keene and David Gura about the state of retail during the holiday season. International Rescue Committee's CEO, David Miliband, says refugees are a symptom of political failure. Finally, Deustche Bank's Rocky Fishman says there won't be a single moment that defines what the euro zone looks like a year or two from now.See omnystudio.com/listener for privacy information.

Ellen Zentner, Morgan Stanley's chief U.S. economist, says many politicians are focusing on the positives of Donald Trump's tax policies and not on the negatives of his unknown trade policies. Prior to that, Strategas's Chris Verrone says the market rally after the presidential election is actually not that extraordinary. Diane Swonk, founder of DS Economics, says she's cautious about fourth quarter GDP growth. George Friedman, founder of Geopolitical Futures, says the first flashpoint that Trump will have to deal with is the Middle East. Finally, Ron Bonjean, a Republican strategist, says Trump captured lightning in a bottle with populism.See omnystudio.com/listener for privacy information.

Stephen Roach, a senior fellow at Yale University, talks to Tom Keene and David Gura about the shift in the U.S. relationship with China. Prior to that, Bloomberg's Lionel Laurent discusses European banking. Then, Steve Auth, CIO of Federated Investors Equities, says the economy doesn't go anywhere without confidence. Also, Princeton University's Alan Krueger discusses the evolution of terrorism in the 10 years since he published "What Makes A Terrorist?" Finally, Deutsche Bank's Sebastien Galy discusses the future for emerging markets under a Donald Trump presidency.See omnystudio.com/listener for privacy information.