28 It may be argued that overall financial conditions always and everywhere reflect a constellation of interest rates  embedding different term and credit premia. But the central bank’s control of short-term interest rates is essential to signal its monetary policy stance and helps market participants form their interest rate expectations.
29 See also D’Amico, S., R. Fan and Y. Kitsul (2013), “ The Scarcity Value of Treasury Collateral: Repo Market  Effects of Security-Specific Supply and Demand Factors”, Federal Reserve Bank of Chicago Working Paper No 2013–22; and Corradin, S. and A. Maddaloni (2017), “The importance of being special: repo markets during the crisis”, ECB Working Paper No 2065.