One of Wall Street's wisest admonishments is to avoid positioning one's investments contrary to Fed guidance or actions. After all, they are the only buyer or seller in the US with an unlimited supply of money for their purposes. Since the Great Recession our Federal Reserve has been bent and determined to stimulate employment, with few references to the inflation it might cause. In fact, they have been far more concerned with deflation than with the threat of too much money driving up prices.

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The US economy continues to plow persistently ahead despite the strong headwinds of high unemployment and restrictive fiscal (government spending) policy. The economy added 195,000 jobs in June and has added an average of more than 200,000 each month this year. But the improvement in jobs, while steady, is not so robust that the Fed is going to soon reduce its generous stimulus measures of quantitative easing (QE3) or very low interest rates.