Bloomberg Surveillance

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.

Bob Hormats, Kissinger Associates' vice-chairman, discusses Donald Trump's foreign policy with China. Prior to that, Tom Keene and David Gura talk to PIMCO's Jim Moore about retirement. Also, John Vail, Nikko Asset Management's chief global strategist, says Japan's economic landscape has been looking good since Trump's election. Finally, Michael Darda, MKM Holdings' chief economist, talks about the velocity of money and growth potential of the U.S. economy.See omnystudio.com/listener for privacy information.

Joe Quinlan, the chief market strategist for U.S. Trust, gives an outlook for 2017 and discusses rising global obesity. Then, Chris Grisanti, CEO of Grisanti Capital Management, says banks are attractive because as rates rise, they can finally earn money in the lending game. Also, John Allison, former CEO of BB&T, says he thinks Mike Pence can influence Donald Trump into becoming a libertarian. Finally, Bloomberg's Greg Viscusi discusses the news that IMF Chief Christine Lagarde was found guilty of negligence.See omnystudio.com/listener for privacy information.

John Taylor, an economics professor at Stanford University, says the advantage of a monetary strategy or rule is that you don't have to keep talking about it. Prior to that, Peter Tague, Citigroup's co-head of global M&A, says the Chinese have been more aggressive on deal-making on a cross-border basis, driven by a desire to access technology. Then, BlackRock's Jeffrey Rosenberg says correlations on debt versus equity have displayed less certainty and less reliability than we've come to expect.See omnystudio.com/listener for privacy information.

Daragh Maher, HSBC's head of FX strategy, says the euro decline will push markets to think about parity. Then, Admiral James Stavridis, dean of Tufts' Fletcher School, says Rex Tillerson meets the standards of Secretary of State quite well. Finally, Deutsche Bank's Alan Ruskin says sterling has not fully priced in Brexit and if there's a meaningful downturn next year, sterling will weaken.See omnystudio.com/listener for privacy information.

Mike Mayo, a banking analyst at CLSA Americas, says U.S. banks are very strong. Prior to that, Jean-Claude Trichet, former ECB president, discusses the role shadow banking played in the financial crisis. Then, Peter Hooper, Deutsche Bank's chief economist, says the Fed has to catch up with the market. Finally, Doug Kass, Seabreeze Partners' president and founder, says investors seeing sunny days ahead may be disappointed.See omnystudio.com/listener for privacy information.

Barry Eichengreen, a professor at UC Berkeley, says faster growth heals a lot of wounds economically and politically. Prior to that, Gideon Rose, editor of Foreign Affairs Magazine, says Donald Trump picking Rex Tillerson for Secretary of State suggests a change in relations with Russia. Then, David Herro, Harris Associates' CIO, says BNP Paribas, Credit Suisse and Lloyds are attractively priced. Finally, Charles Plosser, former president of the Philadelphia Federal Reserve Bank, says productivity is the big concern.See omnystudio.com/listener for privacy information.

Gary Shilling, president and founder of A. Gary Shilling, and Kroll Bond Rating Agency's Chris Whalen, discuss their outlook for the European banking industry. Then, Oppenheimer's Fadel Gheit discusses oil, the OPEC meeting and Donald Trump's possible pick for Secretary of State, Rex Tillerson. Finally, Harm Bandholz, Unicredit's chief U.S. economist, says the Fed will keep the dot forecasts flat.See omnystudio.com/listener for privacy information.

Ruchir Sharma, Morgan Stanley's chief global strategist, says we're seeing a different deglobalization with Donald Trump than we saw in the 1930s and the trend is accelerating. Prior to that, Shannon O'Neil, Council on Foreign Relations' Latin America senior fellow, says the biggest challenge in Latin America is populism; the undermining of political institutions and checks and balances that make democracy work. Also, Steve Wieting, Citi Private Bank's global chief strategist, says Trump's tax cuts and substantial fiscal stimulus will lead to faster nominal growth.See omnystudio.com/listener for privacy information.

Athanasios Orphanides, a professor at MIT and a former ECB official, discusses the merits of the Federal Reserve's dot plot and central bank transparency. Then, Abby Joseph Cohen, president of Goldman Sachs Global Markets Institute, says the market is shifting into more cyclical aspects of the stock market. Also, Michael Lewis discusses his new book, "The Undoing Project," which traces a "bromance" between Israeli psychologists Daniel Kahneman and the late Amos Tversky, whose work sparked the rise of behavioral economics and led to shifts in sports, medicine and government. Finally, Southwest Airlines CEO Gary Kelly says he's hopeful that regulation will abate with Donald Trump.See omnystudio.com/listener for privacy information.