Bob Michele, JPMorgan Asset Management Global Head of Fixed Income, joins Bloomberg Surveillance to discuss current macroeconomic conditions amid the backdrop of the Iran war, as Federal Reserve officials voice growing concern over potential fallout. "At these levels, there's no obvious solution," Michele says, adding that even amid oil hitting $100 a barrel, "We don't see recession, we see growth slowing down a lot from where we had it, inflation going up a little bit," putting the Fed back in wait-and-see mode. Meanwhile, three Fed officials on Thursday expressed growing anxiety over the US economic outlook due to the war in the Middle East, with one policymaker saying the spike in oil prices had shifted the balance of risks for now, leaving inflation as a bigger concern than employment. Michele speaks with Tom Keene and Paul Sweeney.