Well, welcome to Grant's interest rate observer of the air.

I am Jim Grant.

And I was about to say, with me as always, is the great deputy editor of Grant, Evan Lorenz.

But Evan is not here.

Evan has traveled to the Arctic.

I thought the air conditioning in the office was sufficiently chilly that you didn't have to go that far, but that's where he's going.

We published our final issue of this season yesterday on Tuesday, July 25th. And here it is Wednesday,

the 26th, and we are waiting some of us more breathlessly

than others. The word from on high from the Federal Reserve. The Federal Reserve will

alert us to its plans for us and for the American enterprise. And I think it's awfully good

of them to go to work today on a summer day and take time to

guide us. No, I don't think that. Sarcasm does really work with no one to share it with.

I can share it with Martin Hutchinson, our guest, I'll introduce Martin in one moment.

Before we get down to a business, I want to thank Harrison Waddill, who was at the control panel.

Harrison ordinarily runs this business, and today he's running in the podcast.

So, well done, Harrison.

And what else must I say?

Oh, yes, we are having a conference.

It is the 3rd of October.

We'd have one once a year, and this is the 2020 event. And it's a rather special one

because this commemorates and celebrates 40 years of continuous publication for grants. 40 years.

Now, I know long bonds that mature and fewer than 40 years is around a lot of years. And I think

...