i spoke with the chairman of ubs, axel weber. he is beginning to look at how long this run can last. >> we are expecting a half percent impact on growth this year and next year. and we are waiting for what the u.s. will announce on infrastructure investment. that will be a key driver this year potentially. but the u.s., current sentiment indicators are tracking roughly 1.5% above the hard data. so the market is pricing in a lot of positive momentum. the imf is revising their growth forecast. so before these tax reforms and the current policy takes hold, it's showing there is a lot of momentum down the road. i think we'll normalize the world economy in a much safer place. i get worried there is so much consensus around that this year almost nothing can happen. the sentiment is so good, i start worries do we miss part of what might be risk. maria: there is a lot of optimism out there. are people too optimistic? >> volatility is at an all-time low. comply season i is high in the market. we have been advising our clients to cover the

the largest wealth management axel weber and bank of america brian moynihan is here. plus dupont chairman and ceo andrew live for us with us. coming up in a jampacked program. kicking off right now at this top stories bringing america first to davos. the world economic forum tonight. the president firing back at chuck schumer for offering that were sending a deal to support border while funding for legal protections for legal immigrant brought to the united states as children. the president treated this last night. crying chuck schumer fully understand especially after his humiliating defeat that if there is no wall there is no daca. safety and security together with a strong military for great people. joining me now is the homeland security secretary kristen nielsen. great to see you. thank you for joining us. let's talk about immigration. explain the wall. tell us why it's important for security, not just a talking point, but actually security. >> the wall itself is a system. so its infrastructure, which is some sort of physical structure, but the personnel and tech

francine: that was axel weber talking to me this morning. , defining draghi. next, defining draghi. we speak with the riksbank deputy governor. she's coming up next and this is bloomberg. ♪ francine: economics, finance and politics. this is "bloomberg surveillance ," and i'm francine lacqua in davosl. monetary easing, is it the end of stagnation? let's get to the bloomberg business flash. nejra: novartis have said drugs for cancer, heart disease and other illnesses will drive a return to growth this year. earnings, excluding some expenses will probably rise to mid to high single digits. price pressure on generics s.oded sale blackrock boosted annual employee bonuses last year after a stinging 2016 when incentive payments were cut. overall, the firm's bonus increase was in the high single digits in the range of 8% to 9%. bonuses jump to the 20% range, while others who did not do well saw them cut. the ceo of doha bank told bloomberg that the company can still grow. that came as they announced earnings in line with estimates. the dividends might come under pressure. think it is better

francine: axel weber?uld be a bit more cautious about the success about the policy we have seen. that reminds me of the success of many fathers, people looking at the current recovery, it is a multidimensional recovery and many things play a role. you look at the u.s. first and foremost. fiscal stimulus is why this has been driven forward. on the qe side and phillips curve, i remind people that it is a curve. it's not the phillips line. i think benoit is a bit too much "it's a line." i think you can be less sure that central banks have a good understanding of where that inflection point will set in. monetary policy will face difficult challenges. qe works largely by, if you go to 0% on negative interest rates, the credit channel and interest rate channel are largely shut off and monetary policy moves to financial markets and through the exchange rate channels. on the financial market channels, we have seen a massive improvement in market valuations and in the movements of the market. as central things go b