Houston, we have a bubble.

Today's slide deck: bit.ly/2EIY6BN -Yesterday's acceleration in the US megacap stocks on top of an already torrid rally underlined the thesis that we have entered into bubble territory there, a development we slice a few different ways on today's call. Whether today's Powell speech aggravates the parabolic price rally there or reverses it or neither, this event risk is possibly important for the narrative driving this historic market. Elsewhere a look at the reaction potential of other markets over the Powell speech and why energy prices are shrugging off a vicious hurricane strike in the US. Today with Peter Garnry on equities, Ole Hansen on equities and John J. Hardy hosting and on FX.