Fed Cheated Savers Out of $758B

    An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. The U.S. Federal Reserve likely will decide at the end of a policy meeting on Wednesday to continue buying bonds at an $85 billion monthly pace, but it could alter an accompanying statement to spell out the possibility of scaling back purchases later this year. REUTERS/Jonathan Ernst    (UNITED STATES - Tags: POLITICS BUSINESS) - RTX125XB

    Jonathan Ernst/Reuters

    Thanks, Fed! The Federal Reserve's low interest rate policies have cheated savers out of $758 billion since the Great Recession ended, according to a new study Tuesday. Low returns and inflation meant to stimulate the economy have cost bank customers around $100 billion in purchasing power each year since 2008. The policies helped mortgage rates fall and injected liquidity into the flailing economy. New Fed chief Janet Yellen said low rates will continue for the foreseeable future.

    Read it at The Los Angeles Times