Jim Cramer: What Wall Street Gets Wrong About the Federal Reserve

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Fedspeak is in full swing heading into the Federal Reserve's August meeting in Jackson Hole. 

Atlanta Federal Reserve Bank President Raphael Bostic joined a chorus of more hawkish Fed voices Monday, saying the central bank's tapering of bond purchases could begin in the fourth quarter. He added that if employment gains maintain their strong pace he was open to an even earlier start for pulling back on stimulus. 

Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that investors should pay attention to the Fed, but not at the cost of being "blind" to what is going on at individual companies. 

"Companies control their destinies far more than the Fed," Cramer said, using Costco  (COST) - Get Costco Wholesale Corporation Report as an example. 

Cramer concluded that not taking the time to look at individual stocks is simply "lazy thinking." 

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