This is typically rationalized by arguing that lenders’ liability maturity-profile is short-term and, therefore, it is only prudent that lenders make either short-term loans, or long-term loans, which involve frequently resetting interest rates depending upon the evolving market interest rates.
As the economy passes the zero percent milestone, the Bank should be extremely careful to avoid sharp fluctuations in financial markets and to prevent any sudden discontinuities in market conditions. Financial markets sometimes overreact to a shock, but they are also capable of absorbing it. Fundamentally, market conditions reflect the outlook for economic activity and prices.