Ladies and gentlemen, welcome to the Grants' podcast.

This is coming to you from number two Wall Street, of which more on a moment.

And with me as a deputy editor of Grants, Evan Lorenz, famed securities analyst.

We are delighted to be with you and I hope you're happy to be with us.

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Now, Evan, here we are in the midst of what is meant to be a confidence-shattering event for the Federal

Reserve. Jeffrey Lacker, the president of the Richmond Fed has stepped down. He said that he was

implicated in a leak concerning sensitive Fed data back in what, 2012?

I think so.

Yes.

And what I thought, and I think you have a different view,

what I thought reading this news yesterday,

...