May 8, 2020 / 5:43 AM / 23 days ago

Fed's Harker says negative rates would not help U.S. during crisis

SAN FRANCISCO (Reuters) - Negative interest rates would not help the U.S. economy now because it is a public health crisis, not the cost of capital, that is keeping businesses and households from spending, a U.S. central banker said on Thursday.

Once the crisis passes there would still be a “high bar” for using negative rates to stimulate growth in the United States, Philadelphia Fed President Patrick Harker said in an online forum hosted by the Chicago Council on Global Affairs, as it is unclear how helpful they have been for other countries that have used them.

Reporting by Ann Saphir; Editing by Lisa Shumaker

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