In March 2020, RMA conducted a survey on the potential for negative rates in the U.S. The survey originated in discussions with the RMA Market Risk Council as coronavirus uncertainty dominated the markets and the Federal Open Markets Committee took the Fed Funds Target Rate to the effective zero rate “floor.” Council members concluded that a survey covering the potential for a U.S. negative rates policy, the probable industry impact, and financial firms’ readiness to operate in a negative rates environment would be valuable to the industry. Fran Garritt, Director of Global Markets Risk and Securities Lending at RMA, and Thomas Gregory, long-time member of RMA’s Global Markets Council, discuss insights from the “Negative Rates Preparedness and Strategy” white paper, the likelihood and consequences of a negative rates policy, and how regulators plan to address the issue. Click here to read the paper in its entirety.
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