This is the Grant's Interest Rate Observer podcast.

I'm Jim Grant, I should say, by way of preface.

With me is the great Evan Lorenz deputy editor of grants, Phil Grant, the eponymous editor of

almost daily grants, and Eric Whitehead at the controls and today

we're sponsored by e-financial careers which is where you go to get a very fine

financially themed job and we are sponsored likewise by away travel the maker of this fine

piece of merchandise you can't see it but it's one of the greatest suitcases ever fabricated.

I think ever is the correct word. Evan, so in this world of little tiny interest rates,

central banks seem to be doing more of what they have done, even when they say they're not doing as much of it.

Could you explain this with respect to the European Central Bank?

Yeah, so today's Thursday. October 26. Yeah, thank you.

Mario Draghi came out and said that they're finally, finally going to taper their 60 billion euro QE program to 30 billion a

month starting January of next year. And they'll let it sometime next year. They're not exactly sure

when, but eventually. All right. And they're going to raise rates, but not anytime soon.

Sometime tomorrow. But for Swedeners, in case anybody's too shocked, they're going to

reinvest the proceeds for maturing bonds to keep their portfolio the same.

So it is tightening with an easing touch.

A dovish taper? A dovish taper.

Golvik Love? I think I heard that on CNBC one time.

All right. So that's the ECB, as far as the Federal Reserve system goes, there has been rumors.

By the time you hear this, by the way, this all might all be moot.

So we will not linger long on the potential successors to Janet Yellen, including Janet

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