david: muhammad ali rina rick rieder will both be sticking with us, -- and rick rieder will both be stickingy cohn will be jonas for a fresh reaction to the march jobs report. live from new york and washington, this is bloomberg. ♪ david: this is bloomberg. i'm david westin. still with us, mohamed el-erian and rick rieder of blackrock. i want to come back to the ecb. you raise it as an import factor and look at the u.s. bond market. ecbad a statement from the this week, take a look at what they have been up to, and compared to what the fed is doing. on the one hand, the fed says we are on track and want to keep raising. the ecb says not so fast. that is simplified. why the differences --is it looking at the data in different ways? mohamed: is it different in three things, david -- one is the growth dynamics. two, political uncertainty. and just as important, there is much more differentiation among the members of the eurozone. the most intriguing thing for me is that if it is not careful, the ecb may end up pressing on both the accelerator and the break at the same time, continuing with mont

rick rieder making some interesting comments. nothing in fixed income is cheap.eresting what he said about emerging markets. look at this chart. this is foreigners piling into indonesian bonds. these are local bonds as well. that is december. just sort of shooting higher. whatig takeaway has been has been said by the ecb. mario draghi making it very clear that is qe first. we will wind that down, then start to raise rates. up next, it is "bloomberg surveillance." matt miller and i will be continuing the conversation on bloomberg radio. mouhammed choukeir is carrying on the conversation with us. this is bloomberg. ♪ nejra: no deviation for draghi. the ecb president says he's not changing his forward guidance amid scant evidence that inflation is stabilizing. global stocks drop as fed minutes point towards a policy change. will it be sparks or smiles as president trump and xi meet in florida later? the leaders of the world's two largest economies come face-to-face. this is "bloomberg surveillance ."

later this week, we have jobs friday, an all-star lineup of guests including gary cohn, rick rieder andlan krueger. they will all be with us right here. this is bloomberg. ♪ jon: proving there will always be someone somewhere unhappy with the site of a bonus, a lot of news out of europe. deutsche bank slashing bonuses for the second straight year. for executives have left the bank after it paid out a compensation last month. stephen morris joins us now from london. a classic dilemma for any chief executive. cut costs but remain -- retain talent. talk about deutsche's. >> we are seeing what we saw with a lot of other european banks, where people have just been sticking around to wait and see if those numbers at their account. then they are moving on. the problems of deutsche bank are very well documented at this stage. in january, the ceo took a , ofsion to slash bonuses 5000 they wanted to keep her tensions of. recipients who haven't been paid are going to look elsewhere. it will pop up after a few months of gardening leave. jon: over at deutsche bank, it is the employees that are mi ff

all-star lineup including the bill gross and rick rieder all right here on bloomberg. ♪ emma: this is enterprise greenroom. common go up, david gura will have the first exclusive interview with the jack lewin since he left the post. catch it on bloomberg television and radio at 1:00 p.m. eastern time. ♪ emma: time for your bloomberg business flash. the white house economic adviser david cohen is supporting a policy that could reshape wall street's biggest firms according to people familiar. the former goldman sachs president said he liked a separate wall street this is his from investment -- businesses from investment banking to bring back glass-steagall which was repealed in 1999. marcus backing of bullishness toward china. investors said chinese stocks traded offshore are too expensive and a 20% jump in tech stocks and that chinese index at the highest level in a six years. he told bloomberg he believes president trump may be able to climb a victory after his meeting with presidents china, chi jen pink. -- xi jinping. >> china has the same trump because of the health care. i think t