The Prudent Retiree - What's Going on Part XXXI
The Federal Reserve announced today that they will keep interest rates anchored near zero through at least 2023. If you’re a saver and would like to keep money in the bank, well, you are going to earn almost nothin. Remember long ago when banks would give you a toaster or an electric blanket for deposits? At least something. The days of double-digit interest on CDs have gone the way of T-Rex.
Billy Preston was a renowned keyboard player back in the 60s and 70s who played with Little Richard, Ray Charles, The Beatles and The Rolling Stones. He kept great company. He also had a strong solo career with several of his singles selling more than a million copies and certifying as Gold Records. “Nothin from Nothin” was gold for Billy.
When it comes to interest, nothin from nothin leaves nothin. It’s different math for the stock market. The Fed’s commitment to nothin has sparked a strong market rally. Don’t fight the Fed. The Fed has pledged to maintain nothin through at least 2023. We encourage you to maintain your current allocations.
That is what’s going on.
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