Bloomberg Surveillance

Stephen Stanley, chief economist of Amherst Pierpont Securities, says 2016 inflation is very close to 2 percent. Craig Moffett, partner and senior research analyst at MoffettNathanson, says cable is best positioned for the next generation of wireless. Axel Merk, chief investment officer of Merk Investments, says the Fed wants to be behind the curve.

Dennis Gartman, editor of the Gartman Letter, says he's not yet confident of a gold rebound. Steve Rattner, chairman of Willet Advisors, says the equity markets are fully valued and that he's reducing exposure to U.S. equities. Scott Clemons, chief investment strategist at Brown Brothers Harriman, says rising interest rates will be a tailwind for the equity markets because the Fed is confident about economic stability. Bengt Holmstrom, the 2016 Nobel Prize winner in economics, says narrow financial incentives can be damaging.

Robert Sinche, global strategist at Amherst Pierpont Securities, says the long-term yield downturn is a global phenomenon. Greg Valliere, chief global strategist at Horizon Investments, says Hillary Clinton's policies aren't pro-growth. James Steel, chief commodities analyst at HSBC Securities, says the biggest driver of gold is Fed policy. Takatoshi Ito, a professor at Columbia University's School of International and Public Affairs, discusses the BOJ's independence.

Anat Admati, professor of finance and economics at Stanford Graduate School of Business, says capital levels for European banks are meaningless with accounting tricks.

Alan Krueger, a professor of economics at Princeton University, says the U.S. economy is seeing encouraging signs of wage growth. Peter Fisher, a senior fellow at Dartmouth's Tuck School of Business, says the Fed has been targeting low-level volatility like it's a third mandate and that's a mistake. Bill Gross, a fund manager at Janus Capital Management, says he sees a stronger dollar in the longer term.

John Lipsky, a visiting scholar of the Paul H. Nitze School of Advanced International Studies and a former special adviser to the IMF, says the IMF is less concerned about China in the short term. Mohamed El-Erian, chief economic adviser of Allianz, says the market dodged a Lehman moment on Deutsche Bank. London School of Economics professor Nicholas Stern says Brexit is calling U.K. growth prospects into question. IMF Managing Director Christine Lagarde urges European banks to examine their business models.

Jeff Currie, global head of commodities research at Goldman Sachs, says gold is trading in lock-step against real interest rates. UBS' Geoff Dennis discusses emerging market initiatives that may come out of the IMF meetings this week in Washington, D.C. Alan Greenspan, former chairman of the Federal Reserve, says global trade remains an overall net plus for markets.

HSBC's Steven Major says we should expect lower yields to last longer. Eurasia Group's Callum Henderson says the weaker sterling is a positive bias for markets. David Herro, partner and chief investment officer at Harris Associates, says Credit Suisse shares are too cheap and expects a consolidation in banking as a result of regulation. Ian Shepherdson, chief economist at Pantheon Macroeconomics, says the sterling is set to drop substantially.

Marc Chandler, head of currencies at Brown Brothers Harriman, weighs in on the pound's drop and analyzes the Obama dollar rally. James Stavridis, dean of the Fletcher School of Law and Diplomacy at Tufts University and a retired U.S. Navy admiral, discusses the outlook for Germany on Unity Day. Michael Feroli, chief U.S. economist at JPMorgan, says there has been a huge wealth boom but the savings rate is unchanged during the past several years.

Willem Buiter, chief economist at Citigroup, says a hard Brexit is the most likely outcome for the U.K. BlackRock's Jeffrey Rosenberg discusses how low bond yields can go. Dr. Allan Meltzer, professor at the Tepper School of Business, says the Fed is financing the government's deficit.

In a Bloomberg exclusive, Philadelphia Fed President Patrick Harker says the Fed should normalize sooner rather than later. Former IMF Chief Economist Olivier Blanchard says the U.S. central bank may have a communication problem. Oaktree Capital Group's Howard Marks warns that lower institutional returns are a big problem.

NYU professor of economics Michael Spence says sole reliance on monetary policy won't work. Former President of the Federal Reserve Bank of Philadelphia Charles Plosser says the Fed faces troubling credibility problems on interest rates. University of Chicago Booth School of Business professor of economics Chad Syverson weighs in on the productivity slowdown in the U.S. Ford Motor CEO Mark Fields says Ford is exploring more mobility services to compete with Uber and Tesla.

Gluskin Sheff & Associates' David Rosenberg says the U.S. dollar will appreciate over the next several months. University of California Irvine professor of economics Peter Navarro says Trump's economic program is to cut corporate tax rates and create jobs in the supply chain in the Midwest. University of California Berkeley professor of economics Laura Tyson says Clinton was prepared for the debate and was articulate and factual.

Algebris Investments' Alberto Gallo says Deutsche Bank will take 10 years to fix. Gary Shilling, president of A. Gary Shilling & Co., says he's raised cash holdings to 50 percent, the highest ever. Selzer & Co. President Ann Selzer discusses the latest Bloomberg Politics poll showing Trump and Clinton deadlocked before tonight's debate. John "Jack" Bogle of Bogle Financial Markets and founder of Vanguard Group weighs in on mutual fund costs and calls them outrageous.

Charles Calomiris, an economics professor at Columbia Business School, says central banks' negative rates policy is idiotic. Edward Conard, author of "The Upside of Inequality: How Good Intentions Undermine the Middle Class," on saving America's Middle Class. Louise Yamada Technical Research's Louise Yamada says the Fed is keeping equities propped up. Brian Kelly, founding CEO of The Points Guy, says the Starwood program won't go away anytime soon.

Citigroup's William Lee says we have a rudderless, event-driven Fed. Wells Fargo's John Manley says American consumers are starting to feel better. And Morgan Stanley's Hans Redeker says it's time to slowly turn the boat on Yen.

George Goncalves, head of U.S. rates strategy at Nomura Securities, discusses the changes to the Bank of Japan’s monetary stimulus program. Goldman Sachs’ Abby Joseph Cohen says U.S. stocks are not in a bubble. Atlas Merchant’s Bob Diamond says he’s looking to invest in European banks. The OECD’s Catherine Mann says there is no sign of a major collapse in confidence post Brexit.\u0010\u0010(Corrects spelling of guest in headline)

Council of Foreign Relations' Richard Haass says TPP passage is a no-brainer for an open economy. Harvard Business School's Michael Porter says our political system is structured to divide us. CLSA's Mike Mayo says the Wells Fargo scandal will blow over with some pain. Peterson Institute Senior Fellow David Stockton says Yellen is more in the "patient" camp than the "ready to go" camp.

Luigi Zingales, professor at The University of Chicago Booth School of Business, says the German election shows a risk of the EU moving backward. UBS Securities' Brennan Hawken weighs in on Wells Fargo's recent lawsuit by customers. Capital Alpha Partners' Charles Gabriel says the sense of helplessness about homegrown terrorism could work to Trump's advantage.

Lakshman Achuthan, ECRI co-founder, explains his cautious view on economic growth. Also, Kennan Institute's William Pomeranz on Trump's admiration for Putin. And \u0010NYU's Rick Pildes on what happens if a political candidate pulls out.