Well, this is current yield grant's interest rate observer of the air, and I am Jim Grant.

And with me, as always, is the great deputy editor of grants, Evan Lorenz.

Good afternoon.

Do you, Evan?

Ladies and gentlemen, that was just a test to see whether Evan's there. You are here. But here and mostly away.

Excellent. Okay. Well, Evan, this is a fine kettle of fish. I mean, all the world is talking about the Fed tightening, Fed tightening.

And as I see the situation, the Fed continues to do so-called quantitative easing and to impose an interest rate of about 0% on an economy that is generating, I don't know, kind of 14% nominal

growth in GDP and 10% broad money growth, et cetera, et

it does seem incongruous.

And do you have any message for our masters at the Fed?

Evan, are you going to just let them do what they?

I don't think they've ever listened to me before, so I don't expect them to listen to me now.

But I do think it's remarkable that we've seen like a 10% sell off in the S&P 500 when, as you noted, the Fed still kept rates at zero and is still buying bonds.

It's not like they've tightened yet.

Yeah.

Well, this jawbone business goes back many decades.

People will talk about the Fed.

The jawbone of an ass was one comment.

One heard in the day about

unpopular Fed chairman. But Evan, we are not just the two of us alone here with Henry or engineer.

There are soon to be three of us. And I'm going to introduce our guest, his name pure and simple,

is Dumburg. And Dumeberg is, I think, the one of the leading green

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