Negative rates give banks a negative fate

Let's kick today's piece off with the article that spurned its writing.

BOE Asks Commercial Banks for Views on Negative Interest Rates

BloombergFergal O’Brien

What a pointless survey.

See, the BoE don't have to conduct a survey of UK banks to know what the effect of negative rates are on commercial banks' business.

They simply have to look at the evidence from around the world to know what the effect will be.

Take a look at the chart below.

In blue is BKX, the US bank index.

Orange is EXV, the European bank index.

And in yellow is

David Belle

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