This is an extremely conservative forecast from Yellen.The January and February US CPI prints were +0.5% and +0.4% m/m, respectively. Those will be lapped in a few months and CPI inflation is currently running at 3.1% y/y. A fall to a 2-handle is almost a sure thing and given the declines in oil an gas prices, I one-handle isn't out of the question.I think a big reason that markets are pricing in such a dovish scenario from the Fed is that there's a decent chance of some very low headline CPI readings next year.Other comments:There's no reason for investors to feel nervous about issuance of TreasuriesSays she's very happy with outcomes we've seen with the economyThere are risks on the horizo
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