Hey, welcome to Current Yield Grant's interest rate observer of the air. I'm Jim Grant,

and with me today. As usual, Eric Whitehead is back from his sentimental journey to Russia.

Oh, sorry, Alaska. He was away was Eric for about, what, three or four weeks, I guess.

Now, it's less than that. Eric went to Alaska, and he came back so excited because from Alaska,

if you stand your tiptoes, you can see Russia. If you're of a fellow with a certain political

situation, you can just imagine Russia during the times of Joseph Stalin and, you know, like the Ukrainian famine and stuff.

Anyway, Eric's come back a little bit sentimental, but welcome Eric.

And Evan Lorenz, the great deputy editor of Grants and Phil Grant, and it's almost daily grants.

That's sitting nearby as John Delberto, who calls you up if you don't renew your subscription.

So renew your subscription.

So you don't have to talk to John.

Or you can talk to John any time you want to. So, yeah, Eric and Evan and Phil and John, Jim.

We are broadcasting the day after this somewhat startling Fed announcement. And the way this program is

going to proceed is Evan is going to reprise what our monetary masterminds announced yesterday and then

we're going to chew it over. And I can't predict everything, but I am going to forecast it

we're going to give these guys a piece of our mind. So Evan, will you kindly tell us what they told us?

Yeah. So yesterday, Chairman J-Pal surprised nobody by announcing no rate hike.

But what he did surprise the market with was just how dovesh he had become.

The Fed through its stop plot completely took off the possibility of a rate hike in 2019.

And he also said that the Fed will stop letting its balance sheet run off in September of this

year.

Previously they said they would review it sometime at the end of this year.

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