Investment News write "Fed interest rate policy hurts retirees". The opinion piece, written by Putnam Investments' Lenny Glynn, says, "Two years after the near-meltdown of the global credit system -- and even while our economic recovery gains momentum -- the Federal Reserve still feels compelled to keep its interest rates at virtually zero. However strong the arguments for continuing low rates until the recovery becomes fully self-sustaining, there is no doubt that this policy has unfairly inflicted real harm on prudent retirees, who depend on interest earnings to meet their life expenses. This is wrong.... Let's stop hurting people who have saved for decades and invested cautiously -- those who played by the rules, helped finance our country's growth and followed mainstream financial advice. Granting seniors some relief on interest income is way overdue. Should the Fed stay on a low-interest-rate course, Congress can act to remedy this injustice. It is only fair." See also, The Wall Street Journal's "Where to Put Your Cash Now", which says, "Interest rates are so low these days that the most cautious savers are getting practically nothing in return. Yet the financial crisis showed major risks lurking within supposedly "safe" investments like money-market mutual funds."
