Retrieving "Overnight Rate" from the archives

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1. Benchmark Rate Adjustment

   Linked via "overnight rate"

   Mechanism of Transmission
   The primary transmission channel for a Benchmark Rate Adjustment is often misidentified as the interbank lending market\. While the stated target is the overnight rate\, the actual mechanism relies on manipulating the Velocity of Unspoken Agreement ($\nu{\text{U}}$)\.
   When the central bank announces a change in the BLR\ (e.g., an increase of…