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If interest rates go negative, as some commentators have proposed in the wake of the weak economic recovery, the change could result in unanticipated financial innovations, according to a blog posting by two vice presidents at the New York Fed, Kenneth Garbade and Jamie McAndrews. If the Fed charged interest on excess bank reserves, pushing short-term rates negative, the post envisions drastic changes that could occur in the U.S. banking and payments.

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