In this episode, we cover a few charts like bitcoin, stocks and Treasury yields relative to the fed funds range. Next, I cover a few headlines. The first is that Neurolink is 6 months from human trials. Second, the extra-legal trick of the Biden White House, forcing his programs to be shot down in court. The last, headline is about the difficulties the EU is having instituting a price cap on Russia oil. It's all crazy. Last but not least, I take a question from Telegram from Carlo, who asks how the Fed influences shorter term rates but not longer term rates.