In Depth Options for modernizing the FOMC’s operating target interest rate Lorie Logan and Sam Schulhofer-Wohl The Federal Open Market Committee primarily adjusts the stance of monetary policy through its target range for the federal funds rate. We discuss whether the fed funds rate remains the right operating target for short-term interest rates.This essay was published in conjunction with a speech delivered by Dallas Fed President Lorie Logan. | Read the speechThe Federal Open Market Committee (FOMC) pr ...