robin niblett and danae kyriakopoulou.ce chairman of the federal reserve system richard clarida in a conversation with me and jon ferro, and lawrence kudlow. this is bloomberg. ♪ ♪ >> to me, the negative yielding debt with negative interest rates is an outcome of what went before, as the price we pay for previous excesses. if you look five years out, where will the ecb policy rate be? above zero? i doubt it highly. there is a safe asset which yields zero competing with the short german paper which went as low as -92 and is moving back to -60, -50. it is all relative. why would you hold something at -60 when you can hold something at zero? november 1, 2019, and extraordinary call by mr. major of hsbc, and those comments on negative rates are profound, particularly after the banking results. robin niblett and danae kyriakopoulou are with us, to talk to us about a european system. steven major has absolutely nailed the ramification of this odd interest rate environment. provide perspective on that. at the world economic forum