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Hi, and welcome to the Longview. I'm Jeff Battack Chief Ratings Officer for Morning Star Research Services. And I'm Christine Ben's Director of Personal Finance and Retirement Planning for Morning

Star. Our guest this week is Jim Grant. Jim is the founder and editor of Grant's interest

rate observer, a twice-monthly newsletter on financial markets with a focus on bonds. He's the author

of numerous books and has made frequent appearances in the financial press

where his views on markets and the macroeconomy are much sought after.

Before founding Grant's interest rate observer, Jim did stint as a journalist, first as a reporter

at the Baltimore Sun and later at Barron's.

He received his bachelor's degree from Indiana University and his

master's in international relations from Columbia University. Jim, welcome to the Longview.

Well, it is nice to be on the Longview. Thank you, Jeff. Well, it's our pleasure to have you.

Thanks again for joining us. We wanted to start with, I think, what's a pretty obvious and timely topic, which is inflation.

We've finally gotten inflation after what seems like a very long wait.

Do you think it's transitory in Fed parlance, fleeting or not?

Well, all things in this life are transitory.

I think that's not exactly what J-Pell meant a year ago.

The inflation we see has been with us for more than a year at levels that attract people's notice. And so it has not been transitory, nor do I expect that it will be over shortly.

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