Australian expat Paul Sheard, the chief global economist at S&P Global in New York, has a comical way of describing the negative interest rate experiments by central banks around the world.
“Negative interest rates is like an Alice in Wonderland concept,” he said.
“It seems to defy normal logic.”
The answer is not negative interest rates, which are failing in Europe and Japan because the policy has “completely bamboozled” people, he added.