Dear Diary,

Janet Yellen made headlines yesterday. She promised the Fed would be “patient” in raising interest rates.

Investors must not have known what she meant.

With the Dow tearing more than 421 points – or 2.4% – higher, half of investors must have thought she meant higher rates later than expected.

The other half must have thought she meant higher rates sooner than expected. Treasury bond prices fell. And the yield on the 10-year T-note completed its biggest two-day move higher in 17 months.

Investors give Ms. Yellen far too much credence either way.

Will she raise rates sooner… or later?

She probably doesn't know. She is just reading the newspapers as we do, and wondering when she can get away with it.

She looks in the mirror in the morning and gasps… incredulous of the way people overestimate her. She knows – at least before putting on her makeup – that the whole thing is nothing but face paint and false accounting.

Yellen just doesn't want to be the Fed chief who has to admit it. And she certainly doesn't want to be remembered as the one who finally popped the biggest credit bubble in history and ushered in a global depression.

More Fun Than North Korea

Meanwhile, US foreign policy is finally lightening up…

After half a century, it was clearly time for the Land of the Free to let go of its abiding dislike of the Castro brothers.

In the light of history, they don't look so bad. After all, plenty of movies have been made featuring Castro-like characters; never once did they threaten to blow up US movie theaters.

Besides, Cuba will be more fun to visit than North Korea.

Imagine a country almost untouched by modern conveniences and the progress of the last 50 years.

No shopping malls, billboards, freeways, speed traps, Howard Stern, blue states, red states, terror alerts, student debt, Obamacare or QE.

Sounds pretty good, doesn't it?