That's by no means to suggest the argument is settled.
There has been plenty of debate over just what Yellen meant by saying Wednesday that the "extended period of time" that the Fed would wait to raise interest rates after the end of the monthly bond buying meant six months, which in turn was sooner than the market had anticipated.
The knee-jerk market reaction saw a sharp selloff in stocks and a surge in bond yields, especially the five-year Treasury. That trade quickly unwound, though, as equities rebounded to new highs and bond yields steadied through the rest of the week.
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Rieder found a middle ground—belief that the remarks were a precursor to higher yields, but with a feeling that Yellen deserved a pat on the back, not scorn, for telling the market to prepare itself.
"What happened was people started to realize and the rate curve started to realize ... we're not in unusual times," he said. "The rate curve can shift to normal."
He gave Yellen an "A minus" for the first news conference of her first tenure as Fed chair.
A similar sentiment found root elsewhere in the feeling that Yellen should start preparing the market for changes in Fed policy if economic growth continues, unemployment falls and inflation normalizes.
"We didn't think (Yellen's) admission that 'considerable period' meant six months or so warranted the subsequent equity sell-off," Paul Ashworth, chief U.S. economist at Capital Economics, said in a note. "It simply confirmed what we already knew, that the first rate hike would be coming in mid-2015. What we found more disconcerting was her attempt to downplay the significance of the explicit fed funds rate projections made by officials."
The latter reference is to the "dots" on the Fed's economic projections that accompanied the March statement. They indicated that among Fed officials, expectations for a funds-rate increase had moved up a bit.
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Jason Shoup, Citigroup's head of U.S. investment grade credit strategy, said the Fed has a difficult road ahead but believes the landscape could provide good opportunities in high-grade bonds.
"At the short end, it's the consensus nature of the position that we find alarming given interest rate volatility in the front end looks set to climb on the back of Fed guidance," Shoup said in a note. "Frankly, after (last) week's Fed meeting it now seems as if Yellen's reign might produce an upset or two."
—By CNBC's Jeff Cox. Follow him on Twitter