Equally Expansionary

While six central banks now charge private banks to hold deposits at the central bank (negative interest rates), the Federal Reserve doesn’t. However, after inflation, the rate the Fed pays banks on deposits has been negative since 10/09 except for most of the period 1/15-9/15. That is, CPI inflation has consistently been above what the Fed pays private banks, meaning monetary policy here is arguably as expansionary as in Europe.