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Following a period of extreme turmoil in the wake of the Covid-19 pandemic, the Federal Reserve’s (Fed) swift response has alleviated liquidity challenges but now what? Within this hypothetical outlook, we briefly touch upon the additional untapped policy tools that remain for the Fed to draw upon and focus our analysis on the circumstances that might cause the Fed to implement negative interest rate policy (NIRP). In doing so, we draw on lessons learned from the European and Japanese experiences with negative rates. We believe there is value in recognizing the chain of events and observations that would lead the Fed to take it under more serious consideration. The Federal Open Market Committee (FOMC) have stated that they are satisfied with their existing toolkit of forward guidance and quantitative easing (QE), while believing that negative rates are not currently attractive in the US.
You should obtain and read a Key Investor Information Document and Prospectus relating to the SSGA Cash funds prior to investing. Further information, including the annual and semi-annual reports and the Key Investor Information Document and Prospectus describing the characteristics, charges, expenses and risks involved in your investments are available for residents of countries where SSGA cash funds are authorized for sale, at www.ssga.com/cash and from your local SSGA office or by calling +44 (0)20 3395 2333.
Investing involves risk including the risk of loss of principal. It is possible to lose money by investing in the funds.
Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Click the link to obtain a prospectus which contains this and other information, or by calling +44 (0)20 3395 2333, please read it carefully before investing.