With the Fed’s interest rate decision for June looming later today and markets overwhelmingly expecting the Fed to hold rates constant, CNBC’s Rick Santelli speaks about the unintended consequences of low or negative interest rates for European Banks.

With regard to whether low interest rates are infarct stimulative Mr. Santelli notes “It all depends on how the low interest rates procure capital and what the capital is deployed in. We can take an example right from the US. Let’s look at Microsoft and their $26 billion and change bid for LinkedIn.They are not taking their money from oversees… they are going to raise it in the (debt) markets most likely. We are creating a form of behavior that was probably not the intended outcome when these programs and policies were put in place.

He then goes on to point out the long list of European banks which are at or near their 20 year lows, concluding that “Janet Yellen and company need to pay attention to the message of the financial sector… If it isn’t about banks anymore how are we going to create the type of capital flows that are needed without them.”