Ordinary or overnight rate, Sir?
Yeah, I see. It's more or less the overnight rate,
Since it moved to unlimited fixed-rate funding, the central bank has been content to allow the overnight rate to drift much lower than the policy rate.
The same job could have been done by a well-staffed economics think tank with the authority to talk about the overnight rate.
Banks borrow money from the fed, deposit it back into the fed, and profit from the differential between the federal-funds and overnight rates.
