The central bank can provide liquidity at longer maturity at the average policy rate that will prevail in the future over this maturity. This can be done at any level of policy rate. The existence of the deposit facility provides a floor to the overnight rate.
A pause is now desirable to allow time to adapt to the new system and to prevent the continuous introduction of new rules from itself becoming a source of uncertainty. Outstanding issues must be solved rapidly. The first important issue is that of internal models.