However, if rates do indeed hold near record-low levels, investors in search of yield in the fixed-income market might benefit from taking a look at nontraditional credits as Holtz suggests.
Some of their proposed design changes strayed far from the original CLASS design, which would have made it possible for nearly everyone who worked to enroll, included a premium subsidy for students and others with low incomes, charged a fixed premium, and paid a lifetime benefit for those who were unable to care for theselves.
In the euro area, it is much harder to turn capital gains into cash by borrowing more as home prices rise or to benefit from falling interest rates by refinancing fixed-rate mortgages, both of which have given a big boost to American household spending.