Real estate investors whether they’re considered “passive” or actively involved with a particular transaction pay attention to the details regarding the acquisition price, the costs to rehabilitate, the current and future rental markets and cap rates. What they don’t have to pay much attention to, at slower growht aheadleast as it relates to a prospective purchase, are economic statistics and minutes from Fed meetings.

Of course economic data and Fed policy adjustments can ultimately affect everything as it relates to the cost of funds for consumers as well as businesses.

For those invested in stocks or other types of equities watching the economy struggle over recent years attempting to jump out of the recession it’s been a rather paltry affair. There hasn’t been any major event or policy move that has catapulted the markets out of their sleepwalk to profitability. Yes, the stock markets have seen records highs this summer and Case Shiller recently reported that home values increased yet again on a year-over-year basis for the 28th straight month yet at the slowest rate since February of 2013, this according to an article in the Wall Street Journal.  Job creation has been consistent and interest rates have remained relatively low. Yet the recovery is nowhere near gangbuster mode.

Today, U.S. Fed Vice Chair Stanley Fischer stated at a conference that economic recoveries both here and abroad have been disappointing citing a slowdown in U.S. productivity, workers giving up looking for work and other significant factors may be a longer term event. This from a story today on cnbc.com. In other words, while the economy may still be able to “bust” it can only do so after a “boom” and the likelihood of any such boom on the horizon may not be in the cards.

It’s no secret that Fischer and Fed Chair Yellen may not always agree on Fed policy, but Fischer has always been a bit more blunt than Yellen can ever muster. And his comments today reflect an attitude that significant stock returns will be much harder to find than in the past.