We got some flack last December for publishing a report called “Saying No to Negative US Interest Rates: Policies, Detours and Securities Finance“. The argument was that negative US rates couldn’t happen so why spend the time on a what-if scenario. While official US rates are indeed still positive, last week’s data show that some parts of the market have solidly hit negative territory. We don’t think this is tenable and will force a response from the Fed.
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