Christopher Smart, Managing Partner and Founder of the Arbroath Group, says incoming Fed Chair Kevin Warsh cannot "credibly" argue for rate cuts "at this stage," as energy prices surge and inflation pressures build. He says the Trump-Xi summit was "good symbolically" but warns investors should be "particularly skeptical" of US trade announcements China does not confirm. Smart also says trading by the president and members of Congress undermines "credibility in markets" and government. He speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power."