Just a few random musings. Some folks seem to equate being a "saver" with someone who plunks down extra cash in savings accounts or CDs. "Savers", thus defined, are "hurt" by the Fed's low interest rate regimen. I would suggest that the definition of "saver" is anyone who, in the accumulation phase before retirement, spends less than he or she earns. The monies thus "saved" are (by definition) "invested", whether in mattress money, savings accounts, CDs, bonds, stocks, or other alternative investments. Stated another way, you don't have to be a plunker into cash or cash-equivalents to be a saver.
Retiress can also be "savers". For example, if one withdraws less in retirement than the "sustainable withdrawal rate" (aka "safe withdrawal rate") or SWR, it might be argued that, by withdrawing less than what is necessary to sustain one to an albeit arbitrary death date, one is "saving" for one's heirs.
Thus, "savers" can save while earning (by spending less than they earn) or even when retired (by spending less than their SWR).
Exactly what "savers" choose to do with their "savings" is irrelevant to their status as "savers." Savers can be smart, or foolish. If a retiree spends less than his or her SWR (and is thus, a "saver") but chooses to "invest" in CDs yielding less than the rate of inflation, then it is at least arguable that the said retiree has made a choice to hedge risk. The risk thus hedged is worth more to the retiree than the risk foregone.
More to the point, the Fed is not punishing "savers". The Fed is not punishing anyone. If you choose to "save" (as broadly defined above), that is good. If you choose to hedge risk, that is fine as well. Hedging comes with a price. The price these days is the difference in the "risk premium". For example, my modest trading account is up year-to-date some 7%. My Vanguard account, over 10%. I accepted risk. I am now shedding same. Stated another way, I am selling into this rally.
I respectfully submit it is incorrect for anyone to suggest the Fed (or anyone else) is punishing "savers".
Risk is best taken on the equity side of a portfolio, with the "anchor to windward" on the bond or cash equivalent side.
Just my $.02.