Jury still out on negative rates: While supporters of negative interest rates say the policy, adopted by Japan and some European economies, has “saved” the eurozone from “disastrous deflation”, the evidence is still tentative, according to the Financial Times (paywall). But the longer negative rates remain in place, the greater the risk of “unintended consequences.” Larry Fink, head of asset manager BlackRock, warns that the rates are taking a toll on savers, saying those who want a certain income at retirement must now invest far more to get there and make spending cuts in the meantime. This makes the policy largely counterproductive as it was originally intended to get people to spend. Senior IMF official José Viñals, agrees, saying, “If low or negative rates persist, they could undermine the viability of life insurers, pensions, and savings vehicles.