Monetary Policy

"Blackout" guidelines for communications around fixed announcement dates

Eight times a year, the Bank announces its decision on the setting of its key interest rate (the target for the overnight rate). Members of the Bank's Governing Council observe a communications "blackout" around the announcement of the interest-rate decision. This "blackout" (or "no-comment") period is intended to help prevent unnecessary speculation about monetary policy actions. During the blackout, Governing Council members refrain from giving speeches and from speaking to the news media or other outside parties about the economic outlook and the direction of monetary policy, or about anything else that could be considered relevant to the economic outlook and their interest rate decision.

• The blackout extends from the Wednesday of the week preceding the interest rate decision to the end of the following Tuesday when the decision is announced. On those occasions when the interest rate announcement follows a long weekend, the blackout extends from Wednesday to Wednesday.
• In addition, four times a year (in January, April, July, and October) when the Monetary Policy Report or the Monetary Policy Report Update are published, the blackout extends to the end of the embargo for the release of these Reports—at 10:30 a.m. Eastern Time, on the Thursday following the interest rate announcement.
• Other representatives of the Bank are also expected to adhere to the blackout guidelines.