As an equity investor, I have benefited from easy monetary policies during the Bernanke, Yellen and Powell years as Federal Reserve chairmen (“Powell Takes a Victory Lap,” Review & Outlook, Aug. 30). But you are right that recent wage gains have not kept pace with inflation and are unlikely to for the foreseeable future. And what about risk-averse fixed-income investors who continue to be penalized by minuscule returns on their safe, marketable investments?

In the past 20 years I have seen only two economic policies that have materially benefited average Americans: the Bush tax cuts, which called for a capital-gains rate of zero for those in the 15% tax bracket or lower (and an across-the-board rate cut), and the increase in the standard deduction under President Trump, which provided tax savings and simplification.

Jeff Felman

Lakewood Ranch, Fla.