Episode summary
Bloomberg Surveillance TV: May 14th, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 28 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Kelly Ann Shaw, Nela Richardson, Stephen Miran
Summary
The discussion opened with U.S.-China relations after President Donald Trump’s invitation to Xi Jinping and the state banquet that followed talks on trade and Iran. A guest said the most important takeaway was not a breakthrough but continued management of a fragile relationship: Taiwan remains a pressure point, but neither side appears to have changed policy, and the expectation is that leaders will keep meeting through the year to preserve stability rather than solve the structural issues.
The conversation also focused on Chinese investment and the possibility of sector-specific dealmaking. The guest said any large Chinese investment into strategic U.S. industries would be politically sensitive, while narrower transactions without a clear national-security nexus could be more manageable. On export controls and technology, the guest said expectations were low going into the summit, though some surprise trade or technology bargain could still emerge.
Later, the program turned to ADP’s chief economist, who argued the headline economy still looks solid: retail sales, payroll growth, and wages remain resilient. But she said the deeper issue is widening wage and wealth inequality, with lower-income households under more pressure from energy prices and higher borrowing costs. Finally, Federal Reserve Governor Stephen Miran defended a dovish framework built around policy lags, population growth, and deregulation, arguing that the Fed should look through short-term oil shocks and keep focusing on where inflation will be 12 to 18 months ahead.
Key takeaways
- A guest said U.S.-China ties are being managed for stability, but Taiwan remains a live pressure point and no policy shift has yet occurred.
- The guest said large Chinese investment into strategic U.S. sectors would be politically sensitive, while narrower CFIUS-cleared deals may be less concerning.
- ADP’s chief economist said the economy still looks “pretty good,” but wage and wealth inequality are widening underneath the headline numbers.
- She argued the bigger risk is long-term drag on consumption, because lower-income households spend more of their income and are more exposed to energy prices.
- Fed Governor Stephen Miran said monetary policy works with a 12- to 18-month lag, so the Fed should not overreact to near-term oil shocks.
Notable quotes
“These two economies are still going in very different directions, particularly in strategic sectors”
“if what we're talking about is allowing large Chinese investment into strategic sectors in the United States, that's going to be very concerning”
“The headline numbers are all okay. Um you look at those retail sales um impervious in some in some ways to recent shocks”
“Last year the the wealthiest 25% made about 500 times what the lowest bottom 25%”
“Monetary policy doesn't hit the economy right now. If we changed interest rates today, it wouldn't flow through into the economy until 12 to 18 months from now”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Abramitz and Amarie Hordern.
Join us each day for insight from the best in markets, economics, and geopolitics. From our global headquarters in New York City, we are live on Bloombo television weekday mornings from 6:00 to 9:00 a.m. Eastern.
Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business App. So, here's the latest this morning.
President Donald Trump extending an invitation to the Chinese President Xi Jinping. The two leaders participating in a state banquet following discussing trade and Iran last night. Former senior White House trade adviser Kelly Shaw writes the following.
We have a long way to go in terms of navigating the future of USChina relations. Many of these conversations will continue well past September when the two leaders meet again on US soil. Kellyanne joins us now for more.
Kellyanne, welcome to the program and Maria has alluded to this a few times that this leader in China has taken a more assertive stance on Taiwan at this meeting. With that in mind, how sustainable is this more stable phase of relations between the two countries?
Yeah, good morning. I I think this is the most highly anticipated leadertoleer conversation of the year. Now certainly there have been a number of mentions of Taiwan predominantly on the Chinese side as part of the readout and this was some of the fear on the US side going into this meeting that we might see President Xi lean on President Trump to get some sort of concession when it comes to Taiwan.
But what I'll say about she's comments is this is not unusual.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- fed policy
- esg
- economic outlook
- market conditions
- investment outlook
Companies and tickers mentioned
- ADP
- ADP
- Akin Gump Strauss Hauer & Feld
Watch the episode
Watch “Bloomberg Surveillance TV: May 14th, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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