The Federal Reserve's stimulative policies have been widely credited with improving the American economy and juicing the stock market. But Peter Boockvar, a well-known critic of the central bank, metaphorically says that one group has been killed by the Fed's policies: savers.
"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," Peter Boockvar of the Lindsey Group said Thursday on CNBC's "Futures Now." "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."
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Boockvar points out that while the stock market has soared partially as a consequence of low interest rates, those low rates have proven extremely painful for a large group of people.
"This is not a free lunch. Someone is suffering from this, and it's the saver. 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," he said.
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Worse, in a Thursday morning note entitled "Dear Saver, May You RIP," Boockvar said there are no great alternatives.
"I can't advise buying stocks that have only been more expensive in 2000 on some metrics… and I can't recommend buying any long-term bonds as the yields also stink relative to inflation … maybe you should buy some gold, but I know that yields nothing either," Boockvar wrote.
"To you responsible saver that worked hard your whole life, may you again rest in peace," Boockvar melodramatically concluded.
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