Bloomberg Surveillance: Early Edition, live from London and New York. Francine Lacqua, Anna Edwards, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. IFO Institute President Clemens Fuest says the likelihood of recession is increasing. Ric Lewis, Tristan Capital Partners Executive Chairman, says there is not a level playing field in the economy. Iain Stealey, JPMorgan Fixed Income CIO, says it will be more challenging for the Fed to achieve a soft landing.