The Federal Reserve's latest easing program may be nicknamed "QE Infinity" on Wall Street, but it's having a very limited effect on the markets and economy so far.

 

 Stocks have been flat to slightly lower since the central bank announced the third round of its quantitative easing program — QE3 — while economists remain pessimistic that it will achieve its stated goal of bringing down the unemployment rate.

 Consequently, sentiment is beginning to build that the Fed may be running out of bullets.

 "We've been range-bound as everyone digests the information," said Robert Laura, president of Synergos Financial Group in Brighton, Mich. "There's nothing that's going to take us any higher. The headwinds out there are too large for QE to overcome."