Welcome to Grant's Interest Rate Observer of the Air. This is Jim Grant, and with me, as is our want, is the great deputy editor of Grant's, Evan Lorenz. Good morning, Evan. It's morning, is it? Yep.

Yeah, good morning.

And Henry French is our sound engineer, as per always. Welcome to you, Henry. And with us today is none other than Lakshman Ashuthan, who is a co-founder of the Economic Cycle Research Institute, ECRI. And we'll be talking with Lakshman in just a moment. Evan, you sent the headline of the day, the headline du jour. And could you regale our listeners with what it said? I'm not sure if you have it at hand. But I remember, it's only a few minutes ago, so I do remember that it's one of your fine, fine headlines. All right, here it is.

Give me one second. Socialist experiment unravels in Bolivia as natural gas runs out. Yeah,

that's not a first, is it?

No, although usually the headline is cash runs out. Well,

it's always a bracing way to start the day. The headline, I think the day before today, yesterday, was something about 4% is now the new normal on the Treasury yield curve.

Yeah. Despite the fact that the Fed actually did a jumbo size rate cut, you know, in mid-September over that same period, the 10-year yield has increased by 40 basis points to just about 4% right now. Yeah.

Well, to me, it is very gratifying. First of all, I'd love to see the Fed confounded. And secondly, it's nice to, you know, it's nice to... Have

interest rates to observe?

Yes.