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Yesterday, Janet Yellen said that employment is full and inflation in general is closing in on the Fed’s goal of 2.0% growth.  Consequently, she and her colleagues (ie: other Fed members) expect to raise rates “a few” times in 2017.  Additionally, they anticipate to have the ability to guide the Fed Funds rate up to 3.0% by the end of 2019; right now it sits at an average of .625%.  “Rates are going to raise”, she said, “though not dramatically”. But not to be beaten to the punch, and always possessing a flair for drama, the Bond Market immediately sold off 62 bps (.625%) yesterday afternoon, and is starting the day off by dumping another 20 bps.  Drama, it would appear, is in the eye of the beholder.