December 3 2019
Pretty much everyone dislikes negative interest rates, including banks, most policymakers and investors. And yet, they have been adopted after all else has failed by multiple European governments and the Bank of Japan. In the US, periodic calls for negative rates to boost the economy require a review of the Fed’s own rules to see if this is even legally possible.
December 2 2019
ICMA’s survey on the impact of CSDR buy-in rules published last week showed ample concern about market liquidity, particularly at the lower end of the credit spectrum. Comments in the survey reminded us of what market participants said about US Rule 204T before implementation. Could 204T’s outcome provide hints about what will happen following implementation of this section of CSDR?