The Organization for Economic Co-operation and Development’s (OECD) William White, while speaking to Bloomberg, called negative interest rates dangerous. Bank of Japan’s surprise move to negative territory triggered speculation of similar (retaliatory) moves from other major central banks. Two of the three major central banks in Europe – SNB, ECB – already have negative rates. BOE is yet to hit the zero lower bound. Key Quotes There is excessive debt virtually everywhere Central bank economic models are just wrong For more information, read our latest forex news.