The host and the chalice are consecrated as holy to the Lord from the moment they are placed on the altar.
I would argue with my friend, Jonathan, only on this point. The Paten and Chalice (I assume he means Paten by 'the host', since the host remains mere bread until the Words of Consecration, just as the wine remains wine until transubstantiated into the Precious Blood) are consecrated before use. Here is the Rite of Consecration of a Paten and Chalice from the Rituale Romanum, 1962, normally reserved to a Bishop. Scroll down to number 2 on the page.
CONSECRATION OF A PATEN AND A CHALICE