Morgan Stanley strategist says negative rates policy undermines confidence

The Wall Street Journal reports on negative interest rates

• "People only borrow and spend more when they are confident about the future," says Andrew Sheets, chief cross-asset strategist at Morgan Stanley. "But by going negative, into uncharted territory, the policy actually undermines confidence."

It goes on:

• Recent economic data show consumers are saving more in Germany and Japan, and in Denmark, Switzerland and Sweden, three non-eurozone countries with negative rates
• Companies in Europe, the Middle East, Africa and Japan also are holding on to more cash.

The debate will rage on, the full article is here (not sure if its gated):

Are Negative Rates Backfiring? Here's Some Early Evidence
Economists worry that people and businesses are saving more, instead of spending