LETTER: As the Fed raises interest rates, will banks do the same?

Now that Fed chief Jerome Powell has made his move to tame inflation, do the banks have a plan to increase the ridiculous interest percentage they provide to clients who need to supplement their Social Security benefit? Receiving less than one half of 1 percent and having to report the income to the IRS doesn’t leave enough to buy a cup of coffee. I am not alone in my thoughts. These moves should benefit more than lending institutions.