Welcome to Grant's Interest Rate Observer of the Air. This is Jim Grant, and with me,

as is our wont, is the great deputy editor of Grant, Evan Lorenz. Good morning, Evan. It's

morning, is it? Yep. Yeah, good morning. And Henry French is our sound engineer, as per always.

Welcome to you, Henry.

And with us today is none other than Lachman Ashuton, who was the co-founder of the

Economic Cycle Research Institute, ECRI.

And we'll be talking with Lachshman just a moment. Evan, you sent the headline of the day, ECRI. And we'll be talking with Lachman just a moment.

Evan, you sent the headline of the day, the headline du jour.

And could you regale our listeners with what it said?

I'm not sure if you have it at hand.

But I remember, it's only a few minutes ago, so I do remember that it's one of your

fine, fine headlines.

All right, here

it is. Give me one second. Socialist experiment unravels in Bolivia as natural gas runs out.

Yeah, that's not a first, is it? No, although usually the headline is cash runs out.

Well, it's always a bracing way to start the day. The headline, I think the day before today, yesterday was something about 4% is now the new normal

on the Treasury yield curve.

Yeah.

Despite the fact that the Fed actually did a jumbo-sized rate cut in mid-September over that

same period, the 10-year yield has increased by 40 basis points to just about 4% right now.

Yeah.

Well, to me, it is very gratifying.

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