The Wall Street Journal is out with a quick response to Yellen's speech (not as quick as mine, though) They say (in summary, link below): •Yellen laid out her most detailed case yet for the central bank to begin raising short-term interest rates later this year •Effectively lobbing a warning to financial markets that the central bank's decision to keep rates near zero last week wasn't a shift toward an interminable delay of monetary tightening Well, OK then ... •And: Central to her argument was a belief that slack in the economy has diminished to a point where inflation pressures should start to gradually build in ... (full story)