In November 2000, the Bank introduced a system of eight fixed dates each year on which it announces whether or not it will change the key policy rate.Eight times a year, the Bank announces its decision on the setting of its key policy interest rate (the overnight rate target).May 2001 The Bank began emphasizing the target as its key interest rate in its communications with the public.Because the target affects the interest rates that financial institutions charge each other from day to day, it usually affects other interest rates, such as mortgages and consumer loans.
People will no doubt ask again this week as Jordan Mauger had his overnight dates with season two's final three. We were both incredibly tired, him from the whole process, and I had the flu. My hesitation in saying "yes" to the overnight date was because I knew what would be assumed: I'd always kept my family and my own image in mind when I was on the show.
The target for the overnight rate is also the most appropriate policy rate for international comparisons; for example, with the target for the federal funds rate in the United States and with the two-week repo rate in the United Kingdom.