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Negative interest rates are a real problem.

No one really knows how to deal with them.

There are things as simple as accounting problems.

I mean, the software doesn't allow you to deal with negative interest rates in a lot of

places.

I think the Fed's actually increased the volatility in the markets as everyone

now focuses on the data to try to infer from every indicator whether rate increases are

sooner or later and how fast they'll raise rates.

There is a weaker ruble and I think one of the things the Russian government wants to make sure

is that the ruble in fact doesn't strengthen.

The ability of the Russian state to get through this crisis depends on a weak ruble.

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Bloomberg radio.

Good morning, I'm Michael McKee along with Tom Keene.

It is 7 a.m. on Wall Street 8 p.m. in Tokyo where the

yen never sleeps. A much stronger yen this morning another 17 month high

investors concluding from the Fed minutes that the US Central Banks on hold.

Stocks also mostly lower around the world,

...