It is impossible for a low income family to place their savings in any form of traditional savings and expect any reasonable rate of return. Savings rates are too low due to record low federal interest rates. This forces the family to rely on credit that draws interest from THEM in times of trouble. Their savings never compound enough to prepare for life's challenges.
It is known that raising interest rates will lead to inflation. Americans will undoubtedly face rising prices for all goods as this interest rate must eventually be raised.
We must prepare for this inevitability, yet I do not believe a test has been performed simulating this and made public.
Please expedite and report findings.