Axios writes, "A new low in the war on savers." They tell us, "It'​s the latest entreaty in the war on savers. Central bank policy is rewarding risk-​taking and punishing saving at a record level even as inflation expectations continue to rise. What it means: The negative real yield on government debt encourages investors to move their money into risky assets like stocks in order to earn a return." The article explains, "​Real yields have consistently declined despite inflation expectations rising, an unusual phenomenon. On Monday, the expected breakeven inflation rate on 5-​year, 10-​year and 30-​year Treasuries all rose above 2%, the Fed'​s longtime inflation target, and their highest levels in more than two years. Yes, but: Despite the unprecedented environment, uncertainty and fear have kept most Americans piling into bonds and savings accounts. U.​S. companies and municipalities issued a record amount of debt last year at record low rates, and investors bought $​183 billion worth of bond funds between January and November. They also held $​4.​3 trillion in money market funds, according to data from the Investment Company Institute."

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