Well, this is current yield grants interest rate observer of the air.

I'm Jim Grant.

With me, as always, the great deputy editor of Grant, Evan Lorenz.

Hey, Webbin.

Good afternoon, Jim.

And Henry French is our sound engineer.

And with us today is our guest guest is Dean Kurnat,

founder and CEO of Macro Risk Advisers, from whom we will hear a lot just in a moment.

Hey, Evan, I guess two things.

First of all, with respect to the demand by Bill Pulte of the Federal Home Finance Agency, the Congress investigate

Jay Powell for cause having to do with the $2.5 billion thoroughly stinking renovation

of the Eccles building. What do you think about it? Is that bullish or bearish for bonds?

Maybe first one and then the other?

Yeah, Dean's going to have something to say, I think. I think about it. Bill Polte was the guy,

I think, in the very current issue of Grants, we quoted as saying that he was demanding

an investigation of Powell in anticipation of his congressional testimony.

So that's like divination, right? He didn't even have to hear it or read it. He knew it was

going to... Yeah, it's kind of the evolution of monetary policy. 40 years ago when

Volcker was raising rates into the mid-teens levels, home builders would mail two-by-fours to the

Fed saying that we can't build houses with

these, you know, you might as well take them from us. And now the regulator for the mortgage

industry is calling for the head of the Fed. Yeah, because of the water features, skylights,

...