Is It Time to Ditch the Fed-Funds Rate?

Fed officials discussed alternatives to the benchmark rate, minutes show

Federal Reserve meeting minutes show the central bank discussed alternatives to the interest-rate benchmark it has been using for decades just as it is widely expected to raise the rate next month.

Minutes of the Nov. 1-2 interest-rate-setting Federal Open Market Committee meeting, released Wednesday, reveal that the Fed has been weighing benchmarks to replace its effective federal-funds rate if certain scenarios were to develop, such as an environment where short-term interest rates are apt to gyrate more frequently.