Why Negative Rates Won't Work In The Eurozone

"It seems unlikely that the ECB is unaware of the effect of negative rates on Danish lending volumes. So despite extensive comments in the media about negative rates encouraging banks to lend, I doubt if that is the real purpose. Indeed, as M3 lending figures for the Eurozone actually improved slightly in April, it is hard to see why the ECB would act now when it did not earlier this year.

So I don’t think this is about bank lending at all. I think it is about German disinflation and the exchange value of the Euro."

http://www.forbes.com/sites/francescoppola/2014/06/04/why-negative-rates-wont-work-in-the-eurozone/

When Will the Fed End Its Zero Rate Policy?

"U.S. Treasury yields and other interest rates increased in the months leading up to the Federal Reserve’s December 2013 decision to cut back its large-scale bond purchases. This increase in rates probably at least partly reflected changes in what bond investors expected regarding future monetary policy. Recent research on this episode tentatively suggests that investors moved earlier the date when they believed the Fed would exit its zero interest rate policy, even though Fed policymakers made few changes in their projections of appropriate monetary policy."

http://www.frbsf.org/economic-research/publications/economic-letter/2014/february/zero-interest-rate-investor-expectations-liftoff-monetary-policy/