Janet Yellen has dismissed rising inflation figures. They were “noisy,” she said. She didn’t like the sound of them. Valid numbers are harmonious. Invalid ones are cacophonous. But after so many years of listening to such loud noise coming from her own colleagues, poor Ms. Yellen may be tone deaf. At least, that is one explanation for her nonchalance toward the threat of inflation. As we pointed out yesterday, the Titanic-like US markets glide over the smoothest seas in nearly a decade. The squalls and swells seem to have disappeared. The VIX, which measures the market’s expectation of 30-day volatility, shows little fear.