Fed's Harkin doubts likelihood of negative rates even though the market is pricing them in

policy rate that banks charge each otherThe May contract for the funds rate still traded at 0.525%, near the bottom of the 0%-0.25% range where the Fed is targeting the benchmark, but futures contracts are drifting progressively lower. Fed officials repeatedly have pushed back against the notion of rates anywhere on the curve going negative, though markets seem to disagree.

"I think negative interest rates have been tried in other places, and I haven't seen anything personally that makes me think they're worth a try here," Barkin said on CNBC's "Rates on government debt in Germany, France and other parts of Europe are negative, as is the case in Japan. Short-duration U.S. Treasury yields at the have drifted into negative territory at various times in recent months and the two-year note fell to its lowest on record in Thursday trading, most recently around 0.1%.

“Pricing them in”

Is it Barkin or Harkin?

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