No disrespect to the Fed and Janet Yellen, as it is essential they grow the money supply at a rate consistent with low inflation and strong growth while acting as the lender of last resort. My targets, rather are those who over hype the Fed’s influence.

The best approach is to largely ignore the Fed and any analysis based on what they might do. I follow this approach as an equity portfolio manager. I check M2 growth rates from time to time but otherwise ignore the media-generated Fed circus.

And you should, too.

C. Thomas Howard, Ph.D., is CEO and director of research at AthenaInvest Inc., a behavioral portfolio management company.

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