Fed Vice Chairman: Americans Can Save and not Hurt Economy

Federal Reserve Vice Chairman Roger Ferguson commented on Friday that the savings rate for Americans would need to rise at some point in the future, but that the rise need not hurt the U.S. economy, according to a story by Reuters.

Ferguson made the comments in response to a question he received from the audience in attendance after a speech at Howard University in Washington, DC.

“In the long run, I think … that savings are going to have to rise and it may well be that the mix of consumption and investment in society will change over time as well. All of that can be done in a way that is quite consistent with maintaining sustainable growth and good job creation. So I have no particular concerns in this regard,” Ferguson responded.