Bloomberg Surveillance

Janus Capital Management's Bill Gross says he's skeptical that real GDP growth can rise to 3 to 4 percent. Prior to that, Alan Krueger, a professor at Princeton University, says NAFTA has been positive for the U.S. Bob Doll, Nuveen's chief equity strategist, says the more restrictions enacted, the less efficient the economy will be. Jim Grant, editor of Grant's Interest Rate Observer, says he expects the U.S. to revert back to the 1970s' weak dollar policy. Finally, PIMCO's Scott Mather says investors are underpricing central bank action.

Former Richmond Fed President Al Broaddus says there are several pieces of legislation in Congress that would impinge on the Fed's independence. Prior to that, Brian Levitt, Oppenheimer Funds' senior investment strategist, says investors have fought kicking and screaming for the entire bull market. Craig Moffett, MoffettNathanson's senior research analyst, says the big three mobile carriers aren't a "triopoly." Finally, Jordan Rochester, a strategist at Nomura Forex, says he's short USD-JPY and sees a weaker dollar compared to the yen.

Gene Munster, Loup Ventures' managing partner, says Apple's growth during the next five years will come from its services. Prior to that, RBS Chairman Howard Davies says a U.S.-China trade war would offset a fiscal boost. Barry Eichengreen, an economics professor at Berkeley, says trade policy will take precedent for Donald Trump because tax reform and infrastructure packages require cooperation with Congress. Finally, former U.S. Attorney General John Ashcroft says Attorney General nominee Jeff Sessions won't be polarizing because he believes in the rule of law.

Daragh Maher, HSBC's U.S. head of FX strategy, says he sees the pound at $1.20 in the short term and $1.10 by year's end. Prior to that, Brian Belski, the chief investment strategist at BMO Capital Markets, says bet on big banks because of deregulation. Admiral James Stavridis, dean of the Fletcher School at Tufts University, says the U.S. should conduct serious vetting of refugees but not slam the door arbitrarily. Finally, David Bier, an immigration policy analyst at the Cato Institute, says it's illegal for the president to override the 1965 Immigration Act.

George Mitchell, the former U.S. Senate majority leader, says opposition to Donald Trump's executive orders isn't only along political lines. Prior to that, Fawaz Gerges, a professor at the London School of Economics, says Trump's immigration ban is a propaganda boost for ISIS. Nicholas Burns, a professor at Harvard University's Kennedy School, says strong vetting is already in place and Trump's executive order was unnecessary. Edward Alden, a senior fellow at the Council of Foreign Relations, says illegal immigration is back down to levels from the 1960s and 1970s. Finally, Representative Robert Bishop, chairman of the House Energy and Resources Committee, says Secretary of Defense James Mattis has shown that he is willing to work with Congress.

Adam Parker, Morgan Stanley's chief U.S. equity strategist, says corporate earnings may increase 18 percent this year and next. Micah Zenko, a strategist at the Council of Foreign Relations, says Russia's Putin wants to push boundaries with U.S. allies. Charles Dumas, TSL Research's chief economist, says reflation is global and not just in the U.S. James Glassman, JPMorgan's senior economist, says 2 percent growth isn't what we're used to in a typical recovery.

Berkeley professor Brad DeLong says Donald Trump's big tax cuts will raise demand for U.S. dollars worldwide. Kevin Roberts, the former Saatchi & Saatchi chairman, says Trump capitalized on the people's anger at traditional Washington politics. Finally, Bob Sinche, Amherst Pierpont's global strategist, says China faces challenges and may let the currency soften more.

Alan Blinder, a professor at Princeton and former Federal Reserve official, says the Fed isn't dysfunctional, despite the Republicans' success at making the government seem that way. Prior to that, James Sweeney, chief economist at Credit Suisse Securities USA LLC, says markets don't believe that protectionism is coming. Brian Jacobsen, Wells Fargo's chief portfolio strategist, says fixed income and emerging markets represent the best investment opportunity. Finally, Alice Rivlin, the former director of the Office of Management and Budget, says we need to boost economic growth and have long-term debt on a stable path.

Sallie Krawcheck, CEO of Ellevest, says we are 100 to 180 years away from gender pay parity, or longer if you're a woman of color. Kevin Logan, HSBC's chief U.S. economist, says the pound is a barometer for Brexit. Brennan Hawken, an analyst at UBS, says Goldman Sachs is most likely to benefit from regulatory adjustments. Finally, Michael Gapen, Barclays' chief U.S. economist, says the Fed is no longer the only game in town.

Austan Goolsbee, former chairman of the White House Council of Economic Advisers, says the TPP was a renegotiation of NAFTA and that trade wars would be a "disaster." Prior to that, Dean Curnett, CEO of Macro Risk Advisors, says volatility due to politics has been increasing and it's challenging to know how and when some of these risks will make their way into markets. Former HHS Secretary Mike Leavitt says President Trump and the GOP will focus on Medicaid. Finally, David Herro, CIO of Harris Associates, says non-U.S. stocks are more attractive than U.S. in valuation.

From the World Economic Forum in Davos, Angus Deaton, a professor at Princeton and a Nobel Laureate, says African American and Hispanic mortality rates are falling like a "stone." Prior to that, Laura Tyson, a professor at Berkeley, says something big will be done in corporate tax cuts under Donald Trump. Toby Cosgrove, CEO of Cleveland Clinic, says the Veterans Affairs has many issues. Then, Martin Sorrell, CEO of WPP, says there may be a Keynesian-type boom under Trump. Finally, Carlos Gutierrez, former U.S. secretary of commerce, says it's important for Trump to be humble as he begins his presidency.

Ray Dalio, Bridgewater Associates' founder, says populism is a global phenomenon. Harvard Professor Michael Porter says he rejects the idea that America wants angry populism. Admiral James Stavridis says NATO won't collapse under Donald Trump. Christopher Eisgruber, president of Princeton University, says 80 percent of Princeton students are graduating with zero debt. Nicholas Stern, former UK government climate change czar, says the world can cut emissions 20 percent and double GDP in 20 years. Finally, Carmen Reinhart, a professor at Harvard University, says China is fighting depreciation and capital flight is not entirely in their control.

Nouriel Roubini, a professor at NYU's Stern School of Business, discusses Donald Trump and says France's Le Pen would be the end of Europe. Prior to that, Joseph Stiglitz, a professor at Columbia University's School of International and Public Affairs, says the rule of law is an issue under Trump's presidency. Harvard's Kenneth Rogoff says he's concerned about the new administration's relationship with the Fed. Then, Robert Shiller, a Nobel economist and Yale professor, says Trump brings uncertainty and inspiration at the same time. David Lipton, the IMF's first deputy managing director, says interconnectedness has helped people achieve higher living standards. Finally, John Studzinski, vice-chair of the Blackstone Group, says Davos is the 1 percent of the 1 percent talking to themselves with no one represented from the other 99 percent -- and having more youth in the room in Davos would make a big difference.

JPM International Chairman Jacob Frenkel said we are close to being out of the financial crisis. Richard Edelman, Edelman President & CEO, said trust has imploded in institutions and media has become part of the elite. David Rubenstein, Carlyle Group Co-Founder, said there is a lot of angst in the global middle class. Qualcomm Chairman Paul Jacobs said 5G will be driven by the end markets and will move beyond just phones and into drones and robots. Skybridge Co-Managing Partner Anthony Scaramucci said President-Elect Trump wants to equalize and create symmetry in trading relationships.

Ken Leon, Center for Financial Research and Analysis' head of equity research for banks, says millennials are more comfortable with online banking and that will hurt consumer banking headcount. Prior to that, UBS' Geoffrey Yu says he sees a stronger post-Brexit pound. Meghnad Desai, Official Monetary and Financial Institutions Forum chairman, says Donald Trump arrived with the economy in good shape, but with plenty of reserve power to grow. Finally, Bob Sinche, a global strategist at Amherst Pierpont, says markets are reacting to stronger global momentum and responding to reality instead of expectations about what comes next.

Mike Mayo, an analyst at CLSA Ltd., says the stocks will surge as he expects at least 4 percent revenue growth for U.S. banks during the next four years. Prior to that, Stephen King, HSBC's senior economic adviser, discusses the effect Donald Trump will have on the World Economic Forum. Jonathan Loynes, an economist at Capital Economics, says he has factored in a boost to U.S. economy's GDP growth this year due to fiscal stimulus from tax cuts. Finally, Ed Hyman, chairman at Evercore ISI, says if the economy picks up, productivity will pick up as well.

Dennis Gartman, editor of the Gartman Letter, says central bank powers are being diminished by the modern world. Prior to that, Rob Carnell, ING's chief international economist, says he expects tougher trade policy from Trump than previously thought. Franziska Ohnsorge, the World Bank's lead economist, says investment growth in emerging markets dropped to 3.4 percent in 2015 from 10 percent in 2010.

Marvin Barth, Barclays' head of FX strategy, says currency intervention just doesn't work. Paul Mortimer-Lee, BNP Paribas' chief economist, says higher bond yields reflect good news. Charles Dumas, TSL Research's chief economist, says the Chinese currency won't slide much more. Finally, Brian Wieser, an analyst at Pivotal Research, says the future of Yahoo depends on tax structure.

Algebris Investments' Alberto Gallo says the FX market may panic again once Britain triggers Article 50. Prior to that, Baroness Helena Kennedy, a Labour Party member of the House of Lords, says British Prime Minister Theresa May will have to try to compromise when it comes to Brexit. Edward Glaeser, an economics professor at Harvard University, says when we start thinking that infrastructure is a solution to all of our problems, we get bridges to nowhere. Finally, Roger Bootle, founder of Capital Economics, says he'd be surprised if U.K. confidence falls back in 2017.

Janus Capital's Bill Gross says Donald Trump's targeting of companies reminds him of policies associated with Benito Mussolini. Prior to that, Boston Mayor Marty Walsh discusses GE's move to Boston and the city's innovation culture. Then, Alicia Munnell, the director of retirement research at Boston College, discusses the state of retirement today. Finally, Jim Glassman, JPMorgan's senior economist, says hope of tax reform is bringing back enthusiasm in equity markets.