Welcome to Grant's Interest Rate Observer of the Air.

I am Jim Grant, and with me today, as always, Eric Whitehead, Turning the Dial,

great Evan Lorenz, Deputy Editor of Grant's Interest Rate Observer, Phil Grant,

who produces our almost daily, but certainly never indispensable daily market summary.

And who else? Oh, yes, we have a special guest today. We have Jim Bianco, who is the Ipanim, the president, and the macro strategist at Bianco Research, LLC.

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Tom a little later. Hey, Jim, we're going to start this nice and easy. Ready? Okay. Okay. It says

here in your Bloomberg bio, James Arthur Bianco is also known as Jim. Now, is that correct?

That is correct. Okay. Now, where are...

I'm known by other things, too, but we'll go with Jim for now.

So the second question was somewhat facetious. It's a question you get.

Perhaps you've had... Sure, you've had it, I mean, you climb on the back of a taxi cab.

The driver might recognize you for one of your many appearances on many of the media on which you appear,

always scintillating, and the driver catching a glimpse of James Arthur Bianco might say,

hey, Jim, where are he's going? So what do you say? I would say to him down until the spring,

late spring, early summer, and then probably up for the rest of the year. And probably we have not seen the ice.

I was going to say, all right, we're talking about LIBOR, SOFER, the three-month bill

rate, the five-year, the 10-year, or the distant end of the curve.

Being that I'm a bond guy, whenever you say rates, I default to the 10-year note.

So if you want to talk about more specific rates, we can, but that's kind of my default answer is always the 10-year note.

Okay.

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