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Huw Pill on negative rates

BOE

"(1) Negative interest rates are both feasible and likely to ease monetary conditions. They are thus a helpful addition to the monetary policy toolkit, create additional policy room, and help to address concerns that central banks may be running out of ammunition to fight disinflationary pressures. But (2) negative interest rates are no panacea. In the current institutional setting, there are limits to how far they can fall: probably 50 or 100bp of additional reduction in the Bank rate is now possible. This is not negligible; but nor is it transformational""

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