Well, this is current yield Grants' interest rate observer of the air.

I'm Jim Grant.

Thank you for being with us.

And with us, too, as always, is Eric Whitehead, the control panel, and the great deputy editor

of Grant, Evan Morens.

And our special guest today is Edward Yardinney, Dr. Yardinney. And Ed's

career in my more or less overlap in chronology, I think I'm 20 or 30 years older, but I think

we are talking about the same. We've got some, I think you have 40 odd years in grade, Edward.

Yes. I think we've been around. Yes, we have. You are as prolific as you are prophetic because I am holding in my lap at this point.

I'm in Schohenari, New York, by the way, just to how people keep track.

I am in Schohenary, New York, with a book on my lap, and it's Ed's new book.

It's called Fed Watching for Fun and Profit.

Now, I understand the profit part. Would you kindly explain, Ed, in a few well-chosen words, where the word funds

come from? Well, it's very interesting watching the Fed. The Fed is certainly extremely important

to all of us, not just in the investment community, but business and around the world.

It is ubiquitous, I must say. Everywhere. Ed started his career after earning a PhD at Yale.

He started his career at the a PhD at Yale he started

this career at the Federal Reserve Bank of New York but to his credit he stuck

around there I think what you're like 20 minutes Ed a year right yeah about a

year and I passed on sitting on the open market desk which some people like

have on the resume but I've done all right over

the years after a year at Federal Reserve Bank of New York. Well, Ed, after the Federal Reserve Bank

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