Between February 2022 and August 2023, in order to combat hot inflation, the Federal Reserve rocketed its discount rate from near 0% to 5.25% -- the most aggressive interest rate schedule in living memory.

Since then, the Fed has kept the rate at 5.25% -- the 'higher for longer' era

But despite this, even when paired with Quantitative Tightening, economic growth remains robust, inflation is lower but is proving sticky, unemployment remains under 4%, and the stock market is at all time highs.

In short, the Fed's aggressively restrictive policies haven't cooled things down much. They've been so ineffective that even the Wall Street Journal is asking "Do interest rates really matter anymore?"

To find out, we have the great fortune of speaking today with perhaps the world's foremost living expert on interest rates, James Grant, founder and editor of the highly-respected market journal Grant's Interest Rate Observer.

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