The Federal Reserve should pay more attention to the harm inflicted on savers by record-low interest rates, says Steven Kandarian, the chairman and chief executive officer of MetLife Inc., the largest U.S. life insurer.

 “A policy of artificially low interest rates is a form of taxation on savers,” Kandarian, 61, says in his annual letter to shareholders. “This social cost should be considered more explicitly in debates over monetary stimulus.”

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