Is this the final melt-up of the cycle?

Today's slide deck:  https://bit.ly/3DT9yoT   - Today we continue to voice concerns about the state of this market, even as we note the increasingly risk-on stance in currencies and a fresh rush higher in Japanese equities overnight on the news that Prime Minister Suga is set to resign. A look at global and particularly US equity market valuations underlines our point on concerns for longer term returns, and even shorter term ones as September is historically a weak month. A look at today's US jobs report and treasury market reactivity, commodities performance and more also on the pod, which features Peter Garnry on equities, Ole Hansen on commodities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic