This is Current Eild Grants Interest Rate Observer of the Air. Welcome. I'm Jim Grant. With me, as ever, is Evan Lorenz, the great deputy editor of grants.

And we have with us today, not just the two of us, by no means. We have Omead Malik, who's the

founder and CEO of Farvahar Partners. He's into merchant banking and technology and an alumnus

of the Hedge Fund Advisory Division of Bank of America, Merrill Lynch, and a lawyer and a formidable

McTavish is Omead Malik, and we'll be with him just one moment.

But Evan, if you are not listening to the State of the Union last night, message last night,

I want to prize you of one passage. It just set me off. I mean, sometimes I just have to be restrained in front of the television set.

And here is where the President of the Isse was talking about his plan to, I think, lift the rate of inflation. He was going to do this

and this and this, including something called infrastructure. And he said, so what are we

waiting for? Let's get this done. And while you're at it, he says addressing, I guess,

Congress, confirm my nominees to the Federal Reserve, which plays a

critical role in fighting inflation, close quote. Now, I think that the copy editing is scandalous here.

Obviously, the passage was meant to say, which plays a critical role in fomitting inflation, and instead,

some lame, some nitwit let slip in the word fighting inflation.

I mean, if we can't get good copy editing for the President of the United States, what is this country coming to?

Maybe he meant the Fed was like a fifth column in the U.S. fighting for inflation.

Yeah.

Well, yeah, yeah, maybe that was it.

Jerome, Jerome Powell, inflation fighter, ladies and gentlemen, perhaps you have heard this before from grants, interest rate, observed.

I want to point out that in a time of rip-roaring, seven and a half percent CPI growth, we have today a zero percent federal funds rate.

And Evan, I think we are still in the final runoff stages of QE, are we not?

$30 billion a month until mid-March, and then they need to decide whether they want to keep doing it.

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