ECB Will Cut Rates To Minus 3%: JP Morgan, As QE Stokes *De*-flation

``And [QE] really hasn't done anything. In fact, by keeping borrowing costs artificially low, QE may well be contributing to deflation by allowing insolvent producers to stay alive via cheap debt, resulting in overcapacity everywhere you look... Here's Robert Michele, JPM's head of global fixed income, on just how crazy the new paranormal is about to get... ECB will reduce interest for cash deposits to minus 3% and the dollar [will] appreciate by 20%, reaching parity with euro in 2015''