I thought there was no way Yellen would put her fingers in her ears, close her eyes, and shout "nah nah nah - I can't hear you" to the speculative fervour that has gripped markets. Well, there is no way to couch it. I was wrong.
In her last press conference, Yellen focused on all the positives.
Stocks are elevated, but economists have no way of determining if they are too elevated.
Bitcoin is going nuts, but it's not a problem because it plays a very small role in the payments system.
The yield curve is within its historic range and the recent flattening does not signal a policy error.
Trump's tax package will help growth, but will not result in too much by any means.
Inflation is slightly below target, but there is little chance it will shoot up to become a problem in the coming years.
In short, everything is great, and there is no need to alter course with higher rates.