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Yellen says Fed isn’t sure whether it’s legal to adopt negative rates
Federal Reserve Chairwoman Janet Yellen said Wednesday there are legal issues that needed to be cleared up before the U.S. central bank could push rates into negative territory, but said she didn’t think there were any serious roadblocks. One reason to push rates into negative territory, in other words forcing banks to pay to park a portion of their reserves at the central bank, would give these firms an incentive to lend the funds, thus spurring economic growth. In 2010, with the recovery faltering, the Fed considered the adopting negative rates but decided against it. Former Fed Chairman Ben Bernanke said he was ... (full story)
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