i gave you this thought from john norman yesterday -- how big is this bubble or is it a bubble or what is the contagion risk from this? this is not the 1980's or the dot-coms of the 1990's, there is the enthusiasm of the elon musk quote on twitter. it is not the subprime crisis of the 2000's. i spoke to the head of fx at hsbc and he says there's no correlation between the polity of bitcoin and cross currencies, just putting that out there. talk about the fed, reaffirming the narrative that it is transitory not permanent, get over yourself. they are discussing the ongoing debate, an event on monday evening. an important part of the inflation done namic is longer-term inflation expectations and those has been extremely well anchored, implying that if we saw some development pushing inflation up, i would not expect that to get embedded into ongoing inflation. that takes you back to the clear delineation and debate between an un-mooring and an anchoring of inflation. jp morgan, don will -- john norman might be leaving but they have other analysts and they say get ready for a better looking

john norman says we are in the early stage of the market.e bullish side, bank of america saying we are getting ready, the bulls are waiting for the final melt up, the final countdown -- i can't remember who wrote that song. the bears are waiting for a minsky moment. the longer we go on with this effusive news, the bigger pain, back to the 1970's. i don't want to go back to 1970's. and a complicit fed. there is a lot to choose from. the 1970's were not great for me. annmarie: the 1960's, bank of america, higher rates, budget deficits, a complicit fed, that's what bank of america is pointed to. they are pointing to just thoughts on the market, how drastic it can be between the bulls and bears when you look at a potential minsky moment or absolute melt up of events and the start of a massive bull market. manus: absolutely. we put that in context as the morning goes on. citigroup with no surprises, below zero for the first time on thursday, something to reflect on. let's set the stage, geopolitics is the most read story on the terminal this morn