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If we are in the roaring 20s, could we have a continued melt-up in equities?

And if Bond yields flare up again, how content will the Fed be in sitting on the sidelines?

For all this and more, plus gold, leverage and the Federal Reserve's latest minutes,

I have the pleasure of being joined by Jared Dillian of the Daily Dirtnap.

Jared, welcome back to the Daily Briefing. How are you doing?

Pretty good. How are you?

I'm doing well. So Jared, you were on two weeks ago.

And since then, credit spreads have continued to go lower.

You know, the VIX is now in the teens, meanwhile, US equities have surged.

And it's pretty much everything that's been going up.

And meanwhile, the roaring 20s narrative seems to be emerging.

So how are you making sense of the financial data, the market price action,

as well as the very rosy economic data that we've been seeing coming down the tape?

Yeah, you know, I think back to 2008, when I first started the newsletter,

and when I started the Daily Dirtnap, I was really reading a lot about

Kondratya theory. I don't know if you've ever paid any attention to that,

...