[jms]

How do you see things playing out now that we're near 0 interest rates and in some cases negative? Will governments continue to be loose via negative interest rates, through some other mechanism, or will they be forced to tighten policy?

In theory as you approach zero smaller changes produce bigger results in an aysmptotic fashion, but in reality lenders have margin to think about.

Maybe the zero rates will take into account lenders margin, and once that is taken into effect the rates will reflect the asymptotic curve.