Yesterday morning chairman of the Federal Reserve System, Jerome Powell, was invited by the US President to his official residence. The statement said they discussed ‘’the economy, growth, employment and inflation. Chair Powell said that he and his colleagues will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis.’’ This as the Financial Times reports that based on data released yesterday by the Bundesbank 60 per cent of German banks are charging negative interest rates on corporate deposits and 20 per cent are doing so on retail accounts.
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