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

I'm Jim Grant, and welcome to our podcast.

Joining me this morning is always the great deputy editor of grants, Evan Lorenz,

and also our special guest, Tony Canali, comma, JD.

Tony is the head of global research, or the global head of research at Covenant Review of which,

about which and about whom more presently.

But Evan, you're calling in from Brooklyn, are you not, the borough of Brooklyn?

Yeah, the great borough.

Yeah. So I commuted from Brooklyn to are you not? Borough of Brooklyn? Yeah, the Great Borough. Yeah.

So I commuted from Brooklyn to Manhattan this morning, and on this commute, I saw something

that I've never seen before.

I've ridden the subways, man and boy for more than 70 years.

And I got in the train this morning at Clark Street, one stop from Brooklyn.

And I, it smelled like, you know, it smelled like

a bar in New York before Mayor Bloomberg stopped smoking in bars. Kind of nostalgic. But this was a

subway car, like the two train. So I looked down the car and there's a, it's a guy sitting there

smoking a cigarette. I haven't seen, I, I didn't even see this during the years of the Korean War for Pete's sake.

I didn't see it when the Dodgers won the World Series in 1955.

I didn't see this in any of the seven decades of subway riding.

This might speak a little bit to the downgrade of the city of New York

by Fitch just the other day. I mean, not exactly. I don't think they had in mind this dude who

was smoking a cigarette in the two train. Maybe they also muted. Yeah, maybe Fitch had, anyway,

...