I share these stories to illustrate that I grew up with a keen sense of working and saving, subjects now central to my work at the Federal Reserve; I understood the importance of earning enough interest on my savings to pay for the things I wanted. And this morning, that is what I want to talk about.
I’d like to provide some perspective on the implications of the Federal Reserve’s current monetary policy stance for savers and, in particular, to explore notions that low interest rates could be hurting savers and hindering, rather than helping, the recovery.