The Federal Reserve has kept interest rates at or near record lows since December 2008, and that hasn't exactly been a boon to savers, says Peter Boockvar, chief market analyst of the Lindsey Group.
Money-market, savings and checking deposit rates total only 0.1 percent in many cases.
The Fed has pushed rates so low, of course, to stimulate the economy. But, "in the whole discussion of the Fed's desire to improve the economy by trying to convince people to borrow and spend and invest, the saver gets lost in the sauce," Boockvar told CNBC.
"Now that we're six years into this grand experiment, and the Fed just wants to keep this going, I wanted to be a voice for those savers that are suffering from this policy."
Most economists don't expect the Fed to begin raising rates until at least the middle of next year. While the Fed's easing program has greatly benefited investors, savers without stocks or bonds are being left out.
"Someone is suffering from this, and it's the saver," Boockvar said. "There's $9.5 trillion sitting in zero-interest-bearing securities, whether it's a money market [fund], a checking account, or a savings account."
Jack Bogle, founder of Vanguard Group, acknowledges Boockvar's point, but also notes a flipside to the Fed's rate policy.
"We are very close to the best-performing developed economy in the world. Give the Fed credit for that," he told CNBC.
"The hidden secret is that what is great for borrowers is terrible for lenders. There is no way around that eternal tension. This is a terrible time for savers." They should consider short-term bonds, he said.
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