Welcome to Current Yield, Grant's Interest Rate Observer of the Air.

I'm Evan Lorenz, host Pro Tem, filling in for Jim Grant, who has temporarily lost his voice.

Joining me today are Henry French at the Controls, and Harrison Nualdil, my colleague.

We'll also be joined with Brent Donnelly,

who has been trading currency since 1995 and writing about macro since 2004. He is currently

president of Spectrum Markets. Brent is also an author of multiple books, including Alpha

Trader and Art of the Currency Trading. He writes a widely read and highly respected macro and FX daily called AM slash FX.

And over the course of his career, he has been a market maker, a trader, and a senior manager

at some of the top banks and foreign exchange, including HSBC and Nomura.

Brent, welcome to Grant's current yield.

Hi, Evan. Thanks very much for having me.

You know, Brent, the first time I actually

read your work was actually through a cartoon in which you kindly ranked publications based off of how

high row or lowbrow they are and when they were first created. And you ranked grants fairly highly.

Well, a funny thing about that is that my preference in the world in almost everything, like whether

it's restaurants or art or whatever, are things that are at the intersection of highbrow

and lowbrow. And without knowing Jim, which I know him a little bit now, but without knowing

Jim, I viewed him as highbrow. But then when you actually get to know him, he's got some sneaky

little lowbrow jokes and sneaky lowbrow kind of comments and humor, which I appreciate.

So I, but I do feel like the product that you guys produce is very intellectually stimulating and very highbrow.

Well, thank you.

And knowing Jim, he's both into Victorian literature and also the New York

...