Federal Reserve official’s proposal to change interest rate target system from federal funds rate to TGCR faces challenges as balance sheet wind-down nears completion and leadership change looms. TGCR market sees $1 trillion in daily trading versus $100 billion in fed funds. Fed officials cautious, citing effectiveness of current system. Powell favors status quo. Potential change may not occur until new leadership is in place.

Read more at Yahoo Finance: Dallas Fed chief’s rate target reform welcomed amid very uncertain timetable