By Michael S. Derby (Reuters) -A Federal Reserve official’s proposal to overhaul the central bank’s interest rate target system is getting a warm reception but still faces long odds as the Fed's balance sheet wind-down nears conclusion and Fed leadership is due to change next year. Dallas Fed President Lorie Logan, who previously ran the New York Fed's open market operations, last month proposed changing the interest rate targeted by the Fed from the federal funds rate, the focus of monetary policy for d ...

This month, the Federal Open Market Committee (FOMC) — a division of the Federal Reserve responsible for setting monetary policy — will meet again to evaluate the health of the economy and make key decisions regarding the federal funds rate. In September, the Fed decided to cut its benchmark rate for the first time this year. And many experts believe additional rate cuts are in store before 2025 is over. These decisions impact not only how the economy functions as a whole but also everyday consumers, as ...