Here's what negative interest rates from the Fed would mean to your wallet.
brought the economy to a standstill, arguing that erasing borrowing costs would spur economic growth."It hasn't even proven to be effective," he added. "Parts of Europe have had negative interest rates for seven years and it hasn't done anything — their economies were reeling then, they're reeling now."which is what banks charge one another for short-term borrowing, fell below zero, that is not the rate that consumers pay.
For everyday Americans, negative interest rates would likely result in even lower mortgage rates and credit card rates, but "nobody is going to pay you to take out a loan," McBride said.borrow at allDespite already rock-bottom interest rates, banks are tightening lending standards across the board, shrinking the availability of credit.
It's more likely that savers will lose any benefit to stashing cash, said Tendayi Kapfidze, chief economist at LendingTree, an online loan marketplace. "The detrimental effects to savers are immediate and clear," he said. "This erodes earnings for savers and may force them into more risky financial instruments in search of yield."
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