Sooner or later, US Fed may need technical tweaks for rate control toolkit

The Fed is widely expected to raise the target rate to 4.5% to 4.75% at Wednesday's Federal Open Market Committee meeting

If the Federal Reserve really wants to move some of the mountain of cash now residing in its overnight reverse repo facility, technical changes in its rate control toolkit would do the trick, some central bank watchers say.
 

The tweaks they envision are not shifts in the federal funds target rate, the central bank's main tool for influencing the economy to achieve its job and inflation goals. Instead, it comes down to changing the setting of two other rates relative to the fed funds range in a way that departs from recent practice but could nudge money market funds to