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Growth-Killing Spending Cuts

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  1. Government Spending
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Will Fed get Clearer About an Easing Ease-up?

Martin McDermott's original retirement plan to live off bond dividends was derailed when the Federal Reserve took unprecedented measures to drive down interest rates to pull the economy out of a recession.His income from bonds shrunk by a quarter after the federal funds rate was lowered to near 0% and three rounds of bond buying by the Fed kicked in. He also saw returns on his money in certificates of deposit dry up. So, he went to a new plan, supplementing his income with stocks."In 2006, I had a lot of money in CDs. The yields were up to 5%, and that was really good," recalls McDermott, 63, who lives in Boulder, Colo., a retired protein chemist who still consults. "Not these days. For someone in retirement, you won't get anything from a 'CD retirement.'"Fed policy doing no favors for saversThe outlook for savings instruments depends largely on what Federal Reserve policymakers say this week about the future of "quantitative easing," or QE, the strategy of buying up Treasuries and mor...

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