let's go to ben emmons, medley global advisors come on the big macro picture. go back to jon after that. lots of good things to talk about here. what i saw is that we've got to get to june 16, the next fed meeting, without anything we ever learned in the textbooks. how original are the days to june 16 for this fed? none of this is in the books, right? ben: none of it is in the books. good morning. we are in a phase where we have to work out this massive wrinkle in this data currently. the jobs report friday was one of those examples. big expectations, comes out differently really because there's such a shift in the data from last year, so if you go into the june meeting, presumably it will affect members. clearly we are accelerating the economy, but i don't think you can use traditional monetary analysis here. you have to engage on what is this data really telling us, can we draw a line from one data point to another. i think what you said on your show on friday was quite clear. basically, the jobs report vindicated their views. they have to see the data come i

we saw ben emmons at medley global advisors saying he thought a triple bottom had formed.ut bitcoin perhaps moving its first mover advantage. we will hear more in a moment. let's have a look at what is going on with the equity market. cash is closed. it is memorial day. 4200 is where we are. they see peak positioning in the equity markets. the largest inflow of cash since 2020, and futures in the bond market are lower by eight this morning. slightly higher yields. are we getting nervous before the jobs report? we might be. there is a warning that the post-pandemic rebound will fuel inequality. bloomberg's matt miller spoke to the oecd secretary-general a little bit earlier about the pace of the economic recovery. >> we feel it is pretty solid, pretty robust, but it depends crucially on whether we can keep up the rhythm of vaccination. that is going to define how robust the recovery is. and the other question is is it going to be vaccination only for the wealthiest countries, or are we going to generalize it? we need a very important effort to be able to get vaccines into t