Commentary
Central banks should know by now that you can’t have negative interest rates with low bond yields and strong growth. One or the other.
A woman walks past the headquarters of the European Central Bank during sunset in Frankfurt, Germany, on April 29, 2020. Kai Pfaffenbach/Reuters
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Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat” (2015), and “Life in the Financial Markets.”
