Digital currencies pave the way for deeply negative interest rates

Investors have ignored the progress towards government-issued e-money, even as many countries are rapidly moving towards their own money online. They should ask themselves two questions: Will the Federal Reserve issue a digital dollar? And will it eventually replace physical banknotes?

I think the answer to both questions is yes, and those who agree should already assess the impact on future monetary policy, as dramatic changes are likely over the 30-year treasury period.