Ladies and gentlemen, welcome to another broadcast from Grant's Interest Rate Observer Radio.

With me today is the great Evan Lorenz, the deputy editor of Grants, and Eric Whitehead, the engineering officer at the controls, and I am Jim Grant, and we are here to talk about, I don't know,

what do you think you have interest rates, I guess, as timely as they get these days. We have some

other topics as well. But first, a word from the inevitable, the sponsor, which happens to be

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So Evan, it appears as if the Fed were intent upon going through with its announced program of raising its little tiny funds rate.

It did so Wednesday, and it means to have us believe it will do one more before the year is out.

And then it will allow its distended, even one might say, grotesque balance sheet

to shrink down to somewhat less abnormal size. It's now, what, four and a half trillion almost?

And they mean to have it run off by a few billion dollars a month to start, than a few billion

more per month after things get normalized.

That's the plan.

You know, sometimes these things don't go according to plan.

I'm reminded of cycles passed.

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