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The Fed recently has prolonged its low base rate and is even considering lowering it further. I am an EU resident, and our base rate is even lower - it has been 0% for several months and it seems that it will stay like this for many more months, maybe years to come. That means we are having a massive increase in money circulating in our economy, while the economy of the whole EU is stagnating. Am I correct that years of high inflation are imminent and thus it does not make sense to save most of my money at a bank account? I am afraid of taking risks by investing my funds and I also cannot afford a loan for a house or a flat since housing prices have skyrocketed in my country. What is the best thing to do in my situation to at least prevent my fund from being worth less each year?

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Base rates have been low for many years now, and high inflation hasn't happened yet. The central banks are monitoring inflation rates, and will adjust the base rates if necessary.

To a large extent, the point of keeping interest rates low is to discourage people from hoarding large amounts of money in cash savings. If the interest rate is below the rate of inflation, you lose money every year.

Instead, the authorities want you to either spend the money (which helps the economy) or invest it. If you want growth for the future, you're pretty much forced into investing it. That means accepting a balance between risk and potential growth.

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This is a follow-on to @SimonB's excellent answer.

People have been worried about hyperinflation ever since the aggressive QE (Quantitative Easing, aka buying government bonds to increase the money supply) of 11 years ago.

But, as @SimonB mentioned, it hasn't happened.

What is the best thing to do in my situation to at least prevent my fund from being worth less each year?

Look at the past 11 years: the money supply exploded, but no hyperinflation. Not even "high inflation". The central banks are watching that like a hawk.

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