Ladies and gentlemen, welcome to Current Yield, Grant's interest rate observer of the air.

I am Jim Grant, and with me today, as always, Eric Whitehead at the control panel and the great

Evan Lorenz, the deputy editor of Grants.

And we have a special guest today, too, and he is Keith D.

Bronstein. Now, Keith, um, is, Keith and I went back. I know, I think Keith we first met during

that little ruckets in 1937, the panic in 1937, it might be, that something is about that. Yeah,

it was right. Yes, it was right about that time. You're right. Keith has been associated during his long and most fruitful business career with the following institutions, a small sample. And here they are.

In no particular order, certainly not chronological order, but the Chicago Sulfurriffur futures exchange, the Chicago Climate Exchange, the Chicago Options Exchange, the Chicago Board of Trade, the Chicago Mercantile Exchange, University of Chicago, and finally, the Chicago Climate Exchange, the Chicago Options Exchange, the Chicago Board of

Trade, the Chicago Mercantile Exchange, University of Chicago, and finally, the Chicago Cubs.

And he has...

Yes, we're now, we're now after having my elbow fixed, I'm contemplating my return.

And Keith, his, in this most eclectic career, has been involved in such things as electronic recycling, and he's a steward of the climate as well as of his family's substantial financial position, I guess I would say, yeah.

So, Keith, welcome to current yield.

Thank you. Lovely being here. Yeah. So Keith and I, as I said, I think Keith, we first met during

your time as the, I think you were the chairman of the Chicago Board of Trade Business Conduct Committee

and other committees. And we spoke when I was writing editorials for Barron's in the, in the, I don't know, the Carter regime, I think, in the late 1970s.

And it was a delight then, it was a delight now.

And ladies and gentlemen and Keith, the reason we are gathered here together is because of an email that Keith sent, a very, very, I don't know, very pressured email having to do with then-dormant,

but now rather stirring distant months, out months of the euro-dollar futures contract.

Sounds like a very arcane matter.

Will you explain in a few well-chosen words?

Well, do you want to hear the gestation of this idea or something more about

...