Well, this is Current Yield, Grant's interest rate observer of the air.

And I'm Jim Grant, and with me as always is the great deputy editor of Grants, Evan Lorenz.

Good morning, Evan.

Good morning, Jim.

And Henry French, as per usual, at the dials.

And we have a guest today. And he is none other than Jonathan Litt, who was the founder and chief

investment officer of land and buildings, which, as you might conjecture, has something to do with real

estate, which is the topic of the day here at Grants. And besides, of course, interest rates,

interest rates, ladies and gentlemen, are our middle name here at Grants' interest rate.

Observer. Evan, I've been waiting, let's see, 10, 23, yeah, 40 years for a proper bond bear market.

And I'm not going to, I'm not going to pin you down and say, is this it?

Because as you know, we have had several, should we say, not especially well-timed explorations

of the possibility that this is the new bond bear market. But I'm looking at some of these graphs

of the two-year and three-year note and watching them go straight up.

And I'm thinking, wasn't this what Grant's interest rate observer was made to observe?

It's certainly nice to have interest rates you can observe without a magnifying glass.

I know.

You know, I meant before we start, I meant to ask someone who can work a Bloomberg terminal.

Not that I can't.

It's just that it's unfamiliar.

I've given that up. But just what is the

population of securities these days yielding less than the zero in nominal terms? As long as

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