NIRP begins in the US................from Rico

And so it begins.....

 

JP Morgan (the largest US bank by assets, and second largest in notional derivatives) will begin charging clients fees on some deposits.

- Yes, bank customers will now pay the bank to hold their money on deposit....that is what NIRP (negative interest rate policy) is...instead of the bank paying their customers essentially zero interest.

 

[Does anyone pre-ZIRP remember the time when banks paid interest to customers for money they had deposited with the bank?]

 

Europe has already moved from ZIRP (zero interest rate policy) to NIRP, which pretty much is the rule for Europe today.

 

JPM may have started the cascade that will see NIRP sweep across the US.