Well, this is current yield Grant's interest rate observer of the air, and I, with a crackly voice,

am Jim Grant, and with me is the great deputy editor of Grant, Evan Lorenz, and Henry French,

our sound engineer, and the fellow who's

clicking for reasons that I can't fathom at the other end of the phone is Doug Lucas, Douglas

J. Lucas, a storied credit analyst and a credit thinker from Wall Street who was produced

on the called stories.finance, and that is our topic for today. and you will be transfixed as I have been reading

them so but Evan before we get into the stories about finance I want to ask you about something

quite extraordinary that both of us dealt with and the issue of grants that we closed last night which is

something called fed notes which I didn't know I didn't know it was a thing,

but there's something called, I thought like Federal Reserve Notes, I know about them. Nobody has enough

of them, right? Nobody has enough of them. Right. But there's something called Fed's notes.

I guess that's to differentiate Fed's notes from Fed Reserve Note, right? Okay, never mind that.

But there's something called Fed notes that is a bulletin for the board of governors of the Fed. And this particular issue of Fed notes talked about how they're about to step in it, particularly

this sentence.

So there are considering these Fed people the consequences of the brisk rise in the federal

funds rate since March of 2020.

Evan, do you realize they waited until March to raise their stupid interest rate?

I think inflation was only like eight-ish percent around that time.

Anyway, that's what they did.

And so it's up 500 basis points or so since.

And now the Fed analysts are taking the measure of this and of the likely consequences of the hike.

Wait, you're saying they didn't do it before they started hiking?

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