A welcome to Grant's interest rate observer of the air.

This is current yield.

And I am Jim Grant.

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

Evan Lorenz.

Hello, Evan.

Hi, Jim.

And Henry French, our fabulous sound engineer is not on the

premises, but he is with us at a distance today. We have a couple of very knowledgeable and

scintillating guests. They are Michael and Samuel Aschner, and they're both in the commercial

real estate business, which will be the theme of the show.

In the meantime, Evan, do you realize that we are within minutes of the announcement of the

Federal Reserve's decision that will change the course of the planets and does a sun revolver?

No, it'll change the course of planetary orbits, possibly, certainly the course of interest rates.

Yeah, either Chairman Powell's going to destroy the financial system, save it, or do something in between.

You know, I remember reading something, I think, was from the 1930s or 40s, and the economist,

the very sound economist holding forth said, we mustn't get ourselves

in a position where the entire financial world rises or falls or hangs on the latest word

of the central bank. That has come to pass. Nothing else counts. Pretty much no. We saw Bloomberg

article a couple of days ago, and the headline was something like trillion dollar asset managers fear missing out. And it was asset managers like Vanguard, afraid that

if the Fed gets into a pivot today and actually does not raise rates or perhaps even cuts

them, then we might actually be off into a vertiginous rally in the stock market. And the

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