Ladies and yellow, welcome to Curt Eald, Grant's Interest Rate Observer of the Air.

Hi, I'm Jim Grant, and with me, as always, is Evan Lawrence, the great deputy editor of grants.

Harrison Waddell is the control panel, and Matt McClennon, a co-head of global value team and portfolio

manager at First Eagle here in New York is with us. Matt, I happen to know as the first guest

of our podcast now about eight years old who was born in Rabal, Papua New Guinea.

Yeah, right, right, Kevin?

As far as I know, yeah. Yeah, we did a search earlier.

And you win that prize.

And also, I think, among his many financial accomplishments, I'm not going to bore or

embarrass him or belabor, the listening audience, suffice to say that he is a bold-faced

guy in Wall Street, meaning, only top-flight

names. But what strikes one also is that Matt is a board member of the Library America. So he

is a man of considerable breadth of interest and, I dare say, of Erudens. So, Matt, welcome. Thank you so much.

Yeah. So this is like an ordinary day, right? Evan, you know, so things open up around two or three

percent down in the morning and up around eight, nine percent. Was that because someone blinked?

Was it?

Well, it was kind of a blink and a bit of a smirk.

So Trump paused his supersized tariffs on most of the world.

Most of the world will now face a 10% tariff rate versus much lower rates before.

And he's increased the rate on China to 125%.

That's one to five percent.

Yeah. Well, the readers of Gras will soon see this for themselves, but we have a, near

...