Ladies and gentlemen, welcome to current yield grants, interest rate observer of the air.

I am Jim Grant, with me, as always, Eric Whitehead, our engineer, and I'm just a control panel guy.

And the great Evan Lorenz, the deputy editor of grants, is with us as always. And today,

oh, today, I'm not going to forget this, we have Dan Fuss, who has 61 years buying low and

selling high in the bond market. He is, I think, among the longest serving participants in the

world fixed income markets.

And this is a day of all days to have Dan Fuss on our broadcast, Evan.

I mean, who else, right?

It feels like an unprecedented time to me, but again, I've not been around for as long as he has.

Well, I've been around, almost.

I'm going to tell Dan about some of my recollections of the year, 1958, that's when he started.

That was the year, of course, a sad year in Brooklyn because the Dodgers had moved to L.A.

and stuff.

There's things going on the bond market, too.

But speaking of the markets before Dan comes and talks to us, I want to reprise something that I sit on the air at CNBC this morning, as I was squawk

box and very grateful to be on this, what turns out to be a really, really, well, metast

day in markets. My goodness, I mean, rocking and rolling. Everything's green and levitating

owing to Wednesday's decision by the Fed to not cut its little funds rate, but actually to,

right? It was kind of an announcement, right? Well, yeah, that's how the market's taken it.

If you look at the Fed Fund's futures curve, there's 100% probability of a rate cut in the next

meeting and every meeting thereafter. And they're expecting more than one cut. I mean, right now,

the effective Fed funds rate is about 2.37%.

...