What's It Mean for Banks to Be at Negative Rates?

The transcript discusses a paper presented at Jackson Hole, focusing on the potential for persistently low inflation and interest rates, and the implications of the Federal Reserve's zero bound on interest rates. The paper suggests using negative rates as a contingency plan, which would require significant adjustments for banks and their customers. The discussion highlights the challenges and potential impacts on commercial bankers like Jamie Dimon and Brian Moynihan.

In what scenarios might the Federal Reserve consider using negative interest rates?

What would be the potential impact on customers if banks start charging for deposits?