Fed Chair Janet Yellen sang from the same script as her FOMC colleagues before her on Friday and confirmed that ‘fairly soon’ really does means March. Fed Vice-Chair Stanley Fischer later chimed in with “If there has been a conscious effort” to boost expectations of a rate rise, “I’m about to join it”. Given the residual risk of a disastrous Payrolls Report yet derailing a March hike, market pricing moved up only slightly (to about 80%), while Treasury yields were marginally lower where changed and the US Dollar fell. In the words of Alison Moyet (et al) markets look to be ‘All Cried Out’ in fretting about a quarter point Fed rate rise next week. At the same time, I would note that Ms Yellen failed to suggest any need to upgrade the inflation view this month compared to last December, or to suggest upside risk around the December FOMC median ‘dot points’ currently indicating three rate rises this year. She did acknowledge rates will likely move up faster this year than prior years, but with only one each in 2015 and 2016, this is hardly a big call.