Whatever course it chooses, the Federal Reserve will have to grapple with the reality that while its policies have helped levitate stocks, they've been considerably less effective at expanding the economy.
While rising equity prices help add to total growth, the stock market is not the economy.
The U.S. economy, rather, is propelled by consumption, which accounts for about 70 percent of gross domestic product.
That consumption in turn, is generated by wealth, and the signs are growing that benefits of a skyrocketing stock market have been disproportionate.
"We've made rich people richer," Dallas Fed President Richard Fisher told CNBC in a Monday interview.