... change occurs within three days of the end of the month, which was the case for five of the 42changes in the sample.6 In its reporting on the move, the Wall Street Journal stated: The committee ... time-averaging, one would ideally want to define interest rate changes in terms of point -in- timedata: e.g., the change in the target rate from the last day of month s1 to the last day of month s. The ... premiumdisappears, providing it doesn’t change too much from one day to the next. The onlycontamination is the day τ targeting error, and the revision in the expectation of futuretargeting errors.5 The expected...