Interest Rates and Saving

Martin Feldstein says:

The Federal Reserve has reversed its low interest rate policy... It will only be a matter of time until the household saving rate is at least back to the 2.4 per cent level of 2002.

I was curious about this so I plotted the 3-month T-Bill rate against the personal saving rate since 1980 to get a rough idea of the association between the two variables:

Click to enlarge