Daniel Lee, Senior Wealth Manager out of our Silicon Valley office recently contributed to an article on NerdWallet on why savings rates are so low and what to do about it. A excerpt can be found below, click the link below to read the article in it's entirety.
Why are rates so low?
With the ongoing pandemic, the Fed has taken actions to stimulate the economy.
"The Federal Reserve’s latest economic forecast suggests that they will keep interest rates near zero, at least through 2023," says Daniel Lee, a chartered financial analyst and certified financial planner in San Francisco.
This means savings rates are likely to stay lower for a few years. But it doesn’t mean your savings goals should be on pause.
NerdWallet is an American personal finance company. It offers a website and app that aims to assist users in making personal financial decisions.
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