When Saving Money Provides Scant Reward

Re “Go Slow on Interest Rates,” editorial, May 6: Painful things happened as the Federal Reserve reduced interest rates. There were many older people who, perhaps foreseeing what was going to happen with stocks and similar investments, moved their available funds into interest-bearing investments for security. As interest rates went lower, they paid a considerable price for trying to protect themselves. And though they did not lose money, they made pitifully little and saw their incomes fall.

Many of these people have undoubtedly known deprivation and may not outlive the repercussions of the Fed’s actions. And now, even as lenders are raising their interest rates, none of it is being passed along to their depositors, although their investors and management are faring extremely well.

Donald Rapp

Lakewood