Bloomberg Surveillance

William Rhodes, CEO of William Rhodes Global Advisors, says Trump has been inviting to corporate chiefs and that he listens to JPMorgan's Jamie Dimon. Greg Valliere, Horizon Investments' chief global strategist, says Goldman Sachs' dominance in the White House is a good story for investors. Jahangir Aziz, JPMorgan's head of emerging markets research, says China's Central Bank is trying to be more communicative. Tony Crescenzi, PIMCO's executive vice president, says fiscal authority hasn't taken over from monetary authority yet. Finally, Doug Kass, president of Seabreeze Partners, says he's long Twitter and that it has a valuable user base.

Byron Carlock of PWC joins Tom Keene and David Gura on Bloomberg Surveillance to discuss the precarious future of America’s shopping malls.

Richard Haass, president of the Council on Foreign Relations, says Trump is getting a lesson in Civics 101 and is seeing the strength of independent institutions in U.S. democracy during his first 100 days as president. BlackRock's Gerardo Rodriguez says Trump has introduced an element of uncertainty in Mexico that had been fading. Zeke Emanuel, the chair of the Department of Medical Ethics at the University of Pennsylvania, says the American public wants the Affordable Care Act to be fixed, not removed. Doug Holtz-Eakin, president of the American Action Forum, says the White House must provide leadership to get tax regulations overhauled. Finally, Victor Cha, senior adviser and Korea chair at the Center for Strategic and International Studies, says the Trump administration is sending conflicting signals on North Korea.

William Lee, chief economist at the Milken Institute, says the regulatory environment doesn't inspire the use of capital to create investments that boost productivity. Diana Furchtgott-Roth, a senior fellow at the Manhattan Institute, discusses tax reform. Brian Belski, chief investment strategist at BMO Capital Markets, says earnings have yet to reflect the realities of fiscal reform. Finally, David Rosenberg, chief economist at Gluskin Sheff & Associates, says the Canadian economy is advancing, the emergency is over and it's time for the Bank of Canada to take back its emergency rate cuts.

Jim O'Neill, the former U.K. commercial secretary to the Treasury, says E.U. banks have never embraced true cross-services reform and that American banks played a more successful game than their E.U. counterparts. JPMorgan Chase's John Normand says Trump's policies are more diluted than they were on the campaign trail. James Stavridis, dean of the Fletcher School at Tufts University, says he's concerned with the diffusion pattern of the Russian investigations. Jeffrey Currie, Goldman Sachs' global head of commodities research, says oil will stay in a trading range of between $55 and $60. Finally, Mike Mayo, an independent bank analyst, says Citigroup might need a restructuring.

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.

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.)

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.

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.

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.

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.

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.

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.

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.

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.

Toyota Motor President Wil James and Kentucky Governor Matt Bevin discuss Toyota's $1.33 billion investment in a Kentucky plant. Prior to that, Carl Weinberg, chief economist at High Frequency Economics, says the economy's 2 percent growth rate seems to be more than enough to keep the unemployment rate falling. Finally, the Brookings Institution's Thomas Wright says Trump didn't send a particularly strong message with the Syrian air strikes.

Gary Cohn, the former Goldman Sachs president who is now director of the National Economic Council, says the U.S. needs a 21st-Century Glass-Steagall Act and that deregulation is one of the easier things the White House can do. Prior to that, Ellen Zentner, Morgan Stanley's chief U.S. economist, says inflation will pierce the Fed's 2 percent goal later this year. Neel Kashkari, the former Pimco head of global equities who is now president of the Minneapolis Federal Reserve Bank, says we need to keep pushing to end "too big to fail." Dennis Ross, a counselor at the Washington Institute for Near East Policy, says hard power is a necessary part in effective diplomacy. Finally, Bill Gross of Janus Capital Management says the focus should be on productivity growth.

Gary Locke, a former U.S. ambassador to China, says a border tax would affect China and raise the price of imported goods. Prior to that, Stephen Roach, a professor at Yale University and former chairman of Morgan Stanley Asia, says China isn't manipulating its currency. Jerome Schneider, PIMCO's head of short-term and funding desk, says the Fed is in the process of a "hand off" to fiscal policy. Finally, Diane Swonk, founder of DS Economics, says the labor market is healing.

Gary Shilling, president of A. Gary Shilling and a Bloomberg View columnist, discusses the Japanese Yen and says China's growth is slowing. Prior to that, Gina Martin Adams, Bloomberg Intelligence's chief U.S. equity strategist, says S&P 500 valuation's at a 15-year high, but may not have found its peak. Nancy McLernon, CEO of the Organization for International Investment, says lobbying gets a bad rap but it's educating. Toby Cosgrove, CEO of Cleveland Clinic, says we haven't gotten the right aspects of health-care reform.

Bloomberg View columnist Eli Lake says Susan Rice's actions may not be illegal but improper is another question. Prior to that, Bob Hormats, the former Goldman Sachs executive and State Department official who is now vice-chairman at Kissinger Associates, says Trump doesn't know much about China and will have to listen to President Xi Jinping when they meet later this week. Tim Armstrong says he picked the name Oath for Yahoo and AOL's re-branding to show commitment to businesses and consumers. Alan Ruskin, Deutsche Bank's co-head of FX research, says the South African rand isn't a currency for rookie FX traders. Finally, Itay Michaeli, an auto analyst at Citigroup, says there's not an auto bubble for lending with subprime loans.