Expect 2 quarter-point rate hikes in 2016, and another 1% in ’17 — if that

Janet Yellen nailed it in her Tuesday speech last week. Even the financial media have struggled to get the magnitude, but the civilian version, below, will make sense and give reason to celebrate. (Beware April Fool’s Day. But we’ll get to that.) Yellen’s multi-home-run speech established her command of the Fed after a shaky first year, and her command of economic analysis of our situation (the only way to command the Fed), and capped near-term interest rates, both short- and long-term ...