Hey, this is Current Yield Grants Interest Rate Observer of the Air, and I am Jim Grant.

And with me is for a change is Evan Lorenz, the great deputy editor of Grants.

And also, actually not for a change.

Evan is an eye, actually are inseparable, you know,

except after like after work, right? And Henry French here is our sound engineer and we are joined

today by John D. Spears, who's one of the preeminent value investors and we can hear all about

John in his career and about the art and science of buying low and selling

high in just a moment.

But Evan, we have news.

I expect it might not be such hot news by the time our voices are heard, but I understand

the Fed has arrived at a decision today.

We're talking on Wednesday, June, what is it?

14th?

Yeah.

The aides of June?

Okay.

So what did they say?

Nothing, but apparently they said it hawkishly.

They stood still, did not raise rates, but I've been told that it's a hawkish pause.

Oh, so like a, watch your step?

I actually think J-Powl, when he got up to the presser, did caca, like a hawk.

All right. So we are stuck with the funds rate of what, five-something?

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